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Technology Stocks : IATV-ACTV Digital Convergence Software-HyperTV -- Ignore unavailable to you. Want to Upgrade?

To: Champolion who wrote (2539)	4/22/1999 6:49:00 PM
From: Bruce Cullen	Respond to of 13157

Thursday April 22, 5:40 pm Eastern Time INSTANT VIEW/AT&T in bid for MediaOne NEW YORK, April 22 (Reuters) - AT&T Corp. late Thursday said it was offering to acquire cable television company MediaOne Group Inc. (UMG - news) in a cash and stock deal valued by AT&T at $58 billion based on its stock price at Wednesday's close. Following are Wall Street analysts' responses: ARTHUR HOGAN, CHIEF MARKET ANALYST AT JEFFERIES & CO ''It's a huge, huge deal. It's all about bandwidth, it's all about Internet access (and) MediaOne certainly is the front-runner in realizing bandwidth is important.'' Hogan predicted the bid would accelerate consolidation in the industry and predicted other stocks would get a bounce, including Cox Communications Inc. (COX - news), Cablevision Systems Corp. (CVC - news) and Jones Intercable (JOIN - news). ''These things tend to feed on themselves,'' Hogan said. STEVEN COHEN, DIRECTOR OF RESEARCH AT ARBITRAGE FIRM KELLNER, DILEO & CO ''It's evident from the announcement that this is a very detailed proposal. AT&T must have been considering this for a long time.'' ''It is extremely impressive that Chase Manhattan and Goldman Sachs are each contributing $5 bilion toward the transaction.'' ''My guess at this very early juncture is that Comcast (Corp. (CMCSA - news)) will not be able to compete with this bid and that the MediaOne board cannot ignore it because it appears to be far superior to what Comcast is offering. My guess right now is that AT&T ends up with the company.'' PHILIP ORLANDO, CHIEF INVESTMENT OFFICER OF VALUE LINE ASSET MANAGEMENT ''I think (AT&T Chairman and Chief Executive Michael) Armstrong is capable of pulling this off. He certainly seems to have a better feel for this kind of thing than (former Chairman) Bob Allen did.'' ''You certainly have a different culture there at AT&T under the new CEO and it certainly seems to be working.'' In a statement, AT&T said its bid for MediaOne represented a 17 percent premium over an offer for MediaOne by Comcast. Comcast in March agreed to buy MediaOne in an all-stock deal.