Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : AUTOHOME, Inc -- Ignore unavailable to you. Want to Upgrade?

To: Bud Fox who wrote (7534)	4/8/1999 6:39:00 PM
From: Jenne	Read Replies (1) \| Respond to of 29970

At Home Expects AT&T to Miss Customer Targets (Update1) Bloomberg News April 8, 1999, 12:53 p.m. PT At Home Expects AT&T to Miss Customer Targets (Update1) (Adds company comment in 4rd paragraph. Updates shares.) New York, April 8 (Bloomberg) -- At Home Corp., which provides high-speed Internet services over cable-television lines, said it expects AT&T Corp. and its affiliates to miss an undisclosed target on June 4 for adding customers. AT&T, the largest U.S. phone company, has a 71 percent voting stake in At Home. Cox Communications Inc., Comcast Corp. and Cablevision Systems Corp., three of the largest U.S. cable-TV companies, also have stakes in At Home. Cox and Comcast waived the right to drop At Home as their exclusive Internet access provider because of the missed target. In exchange, AT&T agreed that At Home's board couldn't take any action without the approval of Comcast or Cox, with the majority of board members. AT&T will also increase its subscriber target for the 12-months beginning in June. At Home has ''always been successful in building consensus among our (board) members,'' said Matt Wolfrom, an At Home spokesman. He declined to comment on the customer targets. AT&T has agreed to pay an unspecified number of shares of At Home to Cox if AT&T falls short of targets for adding customers in the next 12 months, Cox said. The Wall Street Journal first reported the news, citing unidentified people. AT&T received its stake in Redwood City, California-based At Home through its purchase last month of Tele-Communications Inc., the No. 2 U.S. cable-TV company. Under the original At Home partnership agreement of 1996, TCI promised to sign up tens of thousands of new customers for At Home's Internet services. If it didn't, TCI was subject to penalties, including the possibility that the cable partners could end their contracts with At Home. Shares of At Home fell 4 3/16 to 161 5/8 in late trading, while AT&T dropped 11/16 to 84 3/16. Comcast's Class A shares fell 29/32 to 66 5/8 and Cox declined 1 7/16 to 77 1/2.