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Technology Stocks : ANTEC Corp. (ANTC)
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To: ET who wrote (83)6/9/1997 10:23:00 AM
From: Mark Oliver   of 847
 
MICROSOFT CORP. (MSFT) 124 1/16 CLOSED. Software giant is investing $1 billion to acquire a 15% stake in cable television operator Comcast Corp. (CMCSA 18 1/4). Microsoft will buy 24.6 million of Comcast Class A special shares and will pay $20.29 a share in a deal that would give Microsoft access to television programming. Initially, Microsoft is expected to use the distribution pipeline for its Internet Microsoft Network. According to the preliminary terms, MSFT will also receive $500 million of new preferred stock to be issued which is convertible at $23.54 a share for its $1 billion investment and this announcement is expected to put pressure on other cable and telephone companies to upgrade their systems to allow for new interactive business functions, including digital television. This deal should be a big plus for Comcast as the company has been investing in its cable system to stay ahead of the curve. In addition, cable stock are expected to benefit from the deal exposure as certainly, Microsoft's rivals are expected to react to this latest move by MSFT and possibly do deals of their own with other cable operators. Hence, expect this sector to be active this morning as investors position themselves to take advantage of the rising interest in cable operators for purposes beyond the distribution of traditional television programming.
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