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 : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: engineer who wrote (28167)	4/23/1999 10:01:00 AM
From: 2brasil	Read Replies (1) \| Respond to of 152472

Cox selling PCS stake to Sprint ATLANTA, April 23 (Reuters) - Broadband communications firm Cox Communications Inc. said on Friday it would sell its 40.8 percent stake in Cox Communications PCS LP to Sprint Corp. (FON - news) in exchange for 24.3 million Sprint PCS (PCS - news) shares. Cox said it had exercised an option requiring Sprint to make the deal. The transaction is expected to close in the second quarter. The deal will make Sprint the sole owner of the personal communications services operation that provides Sprint PCS service in the Los Angeles, San Diego and Las Vegas areas. Cox's ownership in the operation includes an 8.8 percent stake held by its majority shareholder, Cox Enterprises. In the deal with Sprint, Cox Communications will receive 19 million Sprint PCS shares and Cox Enterprises will receive 5.3 million. Cox Communications currently owns 49.3 million Sprint PCS shares, in addition to warrants and convertible preference shares. David Woodrow, Cox senior vice president-new business development, said, ''While this transaction marks our departure from the PCS business as an operator, we remain bullish on the business and are delighted to remain an investor. We believe in the strength and strategic direction of Sprint PCS and, therefore, elected to receive public stock in the company instead of cash.'' The deal is the final step in transferring ownership of Cox Communications PCS LP to Sprint. In 1998 Cox transferred 20 percent of its interest to Sprint, giving Sprint control of the venture and allowing it to fully integrate the Los Angeles, San Diego and Las Vegas operations into its national PCS network. Sprint PCS shares closed at 48-9/16 in New York Stock Exchange trading Thursday. More Quotes and News: Cox Communications Inc (NYSE:COX - news) Sprint Corp (NYSE:PCS - news; NYSE:FON - news) Related News Categories: IPOs, options, publishing, US Market News Help Copyright © 1999 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. See our Important Disclaimers and Legal Information. Questions o