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Technology Stocks : AUTOHOME, Inc
ATHM 24.34-3.4%Nov 7 9:30 AM EST
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To: GBarr who wrote (22657)5/26/2000 12:39:00 PM
From: ahhaha  Read Replies (4) of 29970
 
I don't see how the divestiture wouldn't accelerate subsumption of UMG subs up to considerations of competitive access. No one will be fooled by how or whether this is acknowledged except Prigel. There's just some error in its expectation infinitesimally recognized in the stock.

These are tough questions and I must defer them to gpowel. Here's my feeble try:

(i)if TWX has a right of first refusal on MediaOne's stock,

I believe this is up in the air.

(ii) the RR exclusives in place currently prevent AOL to have access to TWX cable,

This will dissolve in 2002 with competitive access mandate. Att inevitably had to divest under the temporizing condition of competitive access, so the same condition will have to be applicable to all interests.

(iii)whether MediaOne has any veto rights that could prevent the amendment of the exclusivity provisions to allow AOL onto TWX cable, or

I believe the DOJ decision ex post facto supersedes any rights in place due to competitive access. The DOJ has put in place an eminent domain condition and that means someone who has RR and wants AOL must be able to get it (after 2002).

(iv) whether MediaOne can get out of the exclusivity provisions upon divestiture.

UMG's powers end at their owner's entrance into this eminent domain and so exclusivity will evaporate.
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