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Technology Stocks : IATV-ACTV Digital Convergence Software-HyperTV
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To: mike.com who wrote (297)2/23/1999 3:22:00 PM
From: Craig Jacobs  Read Replies (1) of 13157
 
USA Ntwk's Diller Eyeing Cablevision Sys Units (USAI,CVC) - Report
Newstraders - February 23, 1999 08:30
(NewsTraders.com)-- USA Networks (USAI) Chairman Barry Diller is in talks to acquire as many as four cable units from Cablevision Systems (CVC) for up to $2 billion, according to the New York Post.

Highlights:

- Diller is looking to add Bravo, American Movie Classics, Individual Film Channel and Romance Classics to the two networks he already owns -- USA Networks and the Sci-Fi Channel, the Post says.

- Sources said no deal is imminent and could involve some are all of the cable channels.

- General Electric's (GE) NBC division owns 25% of Rainbow programming, the unit that holds the Cablevision assets Diller is seeking. GE has been pushing Cablevision to spin-off Rainbow.

- As widely reported, Diller recently agreed to purchase Internet portal Lycos (LCOS) to create a joint venture worth $22 billion.

- Diller would need Seagram's (VO) blessing before any transaction could be finalized because Seagram owns 46% of USA. Liberty Media's (LBTYA) John Malone would also have a say in any deal.

Copyright 1999 NewsTraders Inc. All Rights Reserved 08:31 Tuesday, February 23, 1999

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