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Technology Stocks : UMG - MediaOne Group

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To: TheSlowLane who wrote (806)	3/22/1999 6:52:00 AM
From: Jeff R	Read Replies (1) of 891

Good news for all UMG holders: LONDON (CNNfn) - U.S. cable giants Comcast and MediaOne Group announced a $60 billion merger Monday to create the world's largest broadband communications group. Comcast, which controls the home shopping channel QVC, and MediaOne are the third- and fourth-largest domestic cable providers and together serve 11 million customers in 18 million homes. Comcast/MediaOne will have a combined capitalization of $97 billion and focus on the video, voice and data markets. "The new company will have the size and scope to lead the evolving broadband environment," said Comcast president Brian Roberts. MediaOne (UMG) shareholders will control around 64 percent of the merged entity after the all-stock deal, receiving 1.1 Comcast (CMCSK) shares or $80.16 for each MediaOne share. The deal represents a 32 percent premium on MediaOne's $60.75 closing price on March 19. Its stock has surged 50 percent since January. Comcast president Ralph Roberts will become chairman of Comcast/MediaOne while Brian Roberts is to become president of the new entity. MediaOne chairman Charles Lillis will be vice-chairman of the group. Comcast has focused on its core cable business after selling its cellular phone business to SBC Communications (SBC) in January. MediaOne has been seeking a media partner after being spun off by telecom operator U.S. West at the end of last year. The company recently consolidated its Internet business with a joint-venture with Microsoft (MSFT) and Time Warner (TWX) to provide content for a high-speed cable-modem venture called Road Runner. The deal has been approved by both boards and, subject to shareholder approval, is expected to close before year-end. -- from staff and wire reports home \| deals \| hot stories \| contents \| search \| stock quotes \| help

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