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To: ftth who wrote (7796)	4/13/1999 12:41:00 AM
From: Jing Qian	Respond to of 29970

You are right. If SBC buys COX, things will really get messy.

To: ftth who wrote (7796)	4/13/1999 1:55:00 AM
From: Peter Y. Hsing	Read Replies (1) \| Respond to of 29970

Cox owns a stake in ATHM--how do you arrive at the conclusion that an acquisition of Cox by SBC would result in AOL having access to cable? In such a transaction, at today's closing prices, SBC would also be paying nearly US$2.4Bn for Cox's 12.4% stake in ATHM, equivalent to about 10% of Cox's total market cap. Even if such a scenario happens, AOL would only reach Cox's 3.3MM subscribers. What about the tens of millions of households passed by ATHM's other shareholders? How will AOL reach them over broadband cable? A deal with RoadRunner, over Time Warner's cable system (the second-largest after AT&T/TCI's) may be one option...