To: Ian deSouza who wrote (27497 ) 1/4/1998 10:26:00 PM From: CPAMarty Respond to of 50808
Dataflowtechweb.com AT&T Corp. sold off its equity stake in Hughes Electronic Corp.'s DirecTV satellite service and is rumored to be close to making a major investment in the cable television industry. AT&T sold its 2.5 percent stake in DirecTV for $161.8 million. Published reports said the company is close to buying Teleport Communications Group, a competitive local exchange carrier owned by a group of cable companies, or close to making an investment in Tele-Communications Inc., the nation's largest cable system operator. ... The board of Ameritech Corp. has authorized a $2 billion stock repurchase plan, a 2-for-1 stock split and a 6.2 percent dividend hike. Under the plan, Ameritech can buy on the open market up to 4.7 percent of its outstanding shares beginning this month. The quarterly dividend will increase from 56.5 cents a share to 60 cents on a pre-split basis. ... WinStar Communications Inc., a New York provider of local and long-distance services, has agreed to buy the long-distance business of Midcom Communications, Southfield, Mich., and its frame-relay subsidiary Pacnet Inc. for $92 million. Midcom's long-distance business has about 45,000 customers and $80 million in annual revenue; Pacnet has annual revenue of nearly $20 million. ... A group of nine large cable television system operators has placed a $4.5 billion order with NextLevel Systems Inc., Chicago, for a new generation of digital set-top boxes that will deliver higher quality TV signals as well as interactive services into the home. The order for 15 million units could grow to 25 million boxes over five years, which would be worth $7.5 billion. The order was placed by Tele-Communications Inc., Time Warner Inc., Comcast Corp., Cox Communications Inc. and Cablevision Systems Corp., among others. As part of the deal, the cable companies have the right to buy up to a 16 percent stake in NextLevel, which is changing its name back to General Instruments Corp., officials said. Copyright (c) 1998 CMP Media Inc. New Search | Search the Web You can reach this article directly here:techweb.com