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Technology Stocks : AUTOHOME, Inc

ATHM 20.73

-1.0%

Feb 4 3:59 PM EST

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To: E. Davies who wrote (20923)	4/15/2000 6:31:00 PM
From: Elsewhere	Read Replies (1) of 29970

anybody know what happened to the possibility of @home in Germany? @home's partner in Germany is TeleColumbus: <http://www.telecolumbus.de/aktuelles/presse.php3?id=1> Tele Columbus und @Home grnden gemeinsame Internetgesellschaft fr den deutschen Markt - Vereinbarung umfaát zu Beginn 2,2 Millionen Haushalte TeleColumbus is a cable TV network which had been built by utilities RWE and VEBA. Last year they decided to concentrate on their core competence and sold TeleColumbus to DB Investor, an investment subsidiary of Deutsche Bank. DB had planned to assemble its own cable network by acquisitions in the fragmented German CATV market (about 3000 small providers apart from Deutsche Telekom, DT). But DB quickly alienated DT, a major customer, the ambitious expansion plans were dropped, and TeleColumbus is for sale. Currently the most aggressive Internet-via-CATV player in Germany is Callahan. They acquired the first of nine regional DT CATV stakes which the German incumbent is required to sell according to European regulators: Callahan Associates International acquires 55 per cent of North Rhine Westphalia cable network from Deutsche Telekom AG Acquisition expands European operations to 15 million franchise homes callahanassoc.com Last week Callahan actually offered DM 2.9 bn for TeleColumbus: <http://de.biz.yahoo.com/000412/34/ooaf.html> Mittwoch 12. April 2000, 11:05 Uhr "Teleb”rse": Callahan will 2,9 Mrd DEM fr Telecolumbus zahlen A further former DT CATV region which Callahan is likely to acquire is Baden-Wrttemberg. I have no information how ATHM plans to adopt to the quickly changing German CATV scene - whether they try to make a deal with Callahan or possibly approach UPC (UPCOY) which has about a 20% stake in German CATV company PrimaCom (PCAG). I just checked the German Excite home page (http://www.excite.de/) but after an initial scan I did not find any information about any roll-out plan. In any case an ATHM customer is currently valued at about $3K (using the current market cap and the year-end 2000 subscriber projection), about half of the narrowband customer valuation of T-Online which will go public on Monday. I tell my friends these days that they ought to buy ATHM if their T-Online subscription is not successful (20x oversubscribed). <http://cbs.marketwatch.com/archive/20000415/news/current/london.htx>

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