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TIME WARNER AND ATC ANNOUNCE COMPLETION OF MERGER

 TIME WARNER AND ATC ANNOUNCE COMPLETION OF MERGER
 NEW YORK, June 26 /PRNewswire/ -- Time Warner Inc. (NYSE: TWX) and


American Television and Communications Corporation ("ATC") today announced the completion of the merger in which Time Warner acquired the 18 percent of ATC it did not own.
 As a result of the merger, each of the approximately 20.6 million publicly-held shares of Class A common stock of ATC was converted into the right to receive $82.50 principal amount of Time Warner redeemable reset notes due Aug. 15, 2002. The notes will be traded on the New York Stock Exchange. ATC is now a wholly owned subsidiary of Time Warner.
 The exchange agent for the transaction is Marine Midland Bank, N.A.
 Time Warner Inc. is the world's leading media and entertainment company, with interests in magazine and book publishing, recorded music and music publishing, filmed entertainment, cable television and cable television programming.
 ATC owns or manages cable television systems serving approximately 4.8 million cable customers with 3.1 million premium programming subscriptions in 33 states and is a unit of Time Warner Cable.
 -0- 6/26/92
 /CONTACT: Jeanette P. Lerman, 212-484-6602, or Michael Luftman, 203-328-0613, both for Time Warner/
 (TWX) CO: Time Warner Inc.; American Television and Communications
 Corporation ST: New York IN: ENT SU: TNM


GK -- NY008 -- 4104 06/26/92 09:24 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jun 26, 1992
Words:228
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