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Technology Stocks : Charter Communications (CHTR) -- Ignore unavailable to you. Want to Upgrade?

To: Hank Stamper who wrote (1920)	3/8/2000 1:38:00 AM
From: The O	Respond to of 2437

March 7, 2000 08:45 AM ST. LOUIS, March 7 (Reuters) - Charter Communications Inc. CHTR , the fourth-largest U.S. cable company, said on Tuesday it will acquire Cablevision Systems Corp.'s CVC Kalamazoo, Mich., cable system for $172.5 million in stock. The deal adds 48,500 subscribers, bringing Charter's total Michigan subscriber base to about 600,000, the companies said in a joint statement. Charter, the brainchild of Microsoft Corp. MSFT co-founder Paul Allen, said Michigan was its third-largest state in numbers of customers. Cablevision has said it was pursuing strategic alternatives for its cable operations in Kalamazoo and other locations as part of a strategy to concentrate its efforts in the New York metropolitan area. It recently announced the sale of its Ohio cable systems to Adelphia Communications Corp. ADLAC . "Cablevision's targeted growth strategy is to focus on the New York market, where we have built a unique concentration of assets," James Dolan, president and chief executive officer of Cablevision, said in the statement. "We are confident that Charter's commitment to the wired future ensures that Kalamazoo customers will be able to take full advantage of the new generation of broadband capability." The companies said they expected the transactions to close "as expeditiously as possible" pending franchise transfer and other required approvals. Shares in Charter closed on Monday at 17-8/16, while Cablevision's stock closed at 62-1/16. ((--Chicago Equities News at 312 408 8787, chicago.equities.newsroom@reuters.com))