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Technology Stocks : AT&T -- Ignore unavailable to you. Want to Upgrade?

To: Richard Kerns who wrote (2296)	5/4/1999 8:20:00 PM
From: Mark Palmberg	Read Replies (1) \| Respond to of 4298

AT&T and Comcast just reached an agreement allowing the AT&T purchase of MediaOne to progress unimpeded. I wonder what Bill G. has to say about this.

To: Richard Kerns who wrote (2296)	5/4/1999 8:43:00 PM
From: Badshah J.Wazir	Respond to of 4298

To all, Here is another GEM, T has acquired.----- Top Financial News Tue, 04 May 1999, 8:34pm EDT AT&T to Buy Other 50% of Cable-TV Company Lenfest for $2.2 Bln in Stock By Greg Wiles AT&T to Buy Remaining Stake in Lenfest for $2.2 Bln (Repeat) (Repeats to eliminate garble due to technical problems.) New York, May 4 (Bloomberg) -- AT&T Corp. said it will buy the remaining 50 percent stake of Lenfest Communications Inc. it doesn't already own for $2.2 billion in stock, the No. 1 long- distance company's latest acquisition in the cable-TV industry. Lenfest offers cable services in the Philadelphia area and has 1.5 million subscribers. AT&T will buy the remaining interest in the Wilmington, Delaware-based company from the Lenfest family for about 43 million shares of AT&T, or $2.2 billion based on AT&T's closing price of 51 9/16. Other terms weren't disclosed. The move is the latest by AT&T into the cable-TV business and comes after talks to form agreements with other cable operators have taken longer than expected. AT&T missed its May 1 deadline to form a definitive agreement with Time Warner Inc. to use its cable lines to provide phone services. Instead of forming alliances, AT&T is buying cable companies. ''We're moving as quickly as we can,'' AT&T spokeswoman Eileen Connolly said. ''AT&T is committed to increasing its footprint and providing competitive local phone services.'' AT&T Chairman C. Michael Armstrong is accelerating his plan to use cable to offer high-speed Internet access and local phone services, just as Bell Atlantic Corp. and other local providers are within a year of offering long-distance service. Lenfest provides services in the greater Philadelphia area - - where the No. 3 cable-TV company Comcast is based. AT&T has bid $62.5 billion for Englewood, Colorado-based MediaOne Group after Comcast had already agreed to buy the No. 4 U.S. cable-TV company for a lower price. AT&T believes the Lenfest acquisition will add to cash flow in the first year. Last year, Lenfest had revenue of $470.4 million and a net loss of $53.6 million. Its total debt was $1.3 billion at the end of March. Lenfest employs 1,988 workers. It also owns a 29 percent interest in Videopole, a French cable-TV operator with 130,000 customers. AT&T bought the No. 2 cable operator Tele-Communications Inc. in March for $59.4 billion, giving it 10.7 million cable customers and access to 17.9 million homes, or about a third of homes including affiliates. Armstrong has said the company could sign up 30 percent of the available customers in its market for local, Internet access and cable services within five years. AT&T already has a joint venture with Time Warner. The company said purchasing MediaOne, which owns 25 percent of Time Warner's cable systems, would make that relationship stronger. ©1999 Bloomberg L.P. All rights reserved. Terms of Service, Privacy Policy and Trademarks.