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To: Phil(bullrider) who wrote (419)	7/7/1999 6:02:00 PM
From: DOUG H	Respond to of 720

Cox To Swap AT&T Stock For Cable Subscribers By Jessica Hall NEW YORK (Reuters) - Cable television company Cox Communications Inc. (NYSE:COX - news) said Wednesday it would swap its $2.8 billion stake in AT&T Corp. in exchange for 495,000 cable customers and $750 million in cash in a move to strengthen its presence west of the Mississippi. Cox acquired its 1.4 percent stake in AT&T when the No. 1 U.S. phone company last year acquired local phone company Teleport Communications Group, which was partly owned by Cox and other cable companies. Cox now will swap that stake to gain AT&T's cable television customers in areas such as Oklahoma, Arkansas, Louisiana, Texas and New Mexico. After the deal closes, Cox will serve about 5.5 million customers nationwide, solidifying its position as the No. 5 U.S. cable operator. Shares of Cox gained more than 5 percent or $1.875 to $38.44 in composite trading on the New York Stock Exchange. AT&T's stock gained $1.625 to $58.25, also on the NYSE. The deal is part of cable industry's ongoing effort to swap cable assets to allow each cable company to dominate certain geographical regions or clusters instead of serving far-flung areas. In addition to Cox, AT&T has been in asset-swap talks with several cable companies such as Adelphia Communications Corp. (Nasdaq:ADLAC - news), Comcast Corp. (Nasdaq:CMCSA - news), and Charter Communications. <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< AT&T aims to swap assets so the bulk of its customers are in the top 25 U.S. markets instead of scattered throughout the country. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Sounds like a familiar strategy. Boston to D.C SF to San Diego...