Comcast Plans $6.7B Lenfest Buy - Nov. 16, 1999

Reporter: David Speakman
Date: 11-16-1999

Company/Ticker/URLComcast
Company #2AT&T
Company #3Media One
Company #4Lanfest Communications
Company #5
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Company #7
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Headline: Comcast Plans $6.7B Lenfest Buy


No. 3 cabler - Comcast Corporation said Tuesday it will spend 6.71 billion dollars to buy No. 9 cable TV provider Lenfest Communictaions from AT&T and the Lenfest family.

Lenfest, a regional cable company half owned by AT&T - operates primarily in the Philadelphia area and has 1.25 million subscribers.

Comcast already has considerable holdings in the Philadelphia TV market area which is the 4th largest in the U.S.

The new deal with Comcast replaces an earlier agreement where AT&T would assume control of Lenfest.

Along with assuming 1.5 million dollars in debt, Comcast will exchange 116 million Class A common shares for 100% control of Lenfest.

Also on Tuesday, Comcast struck a deal with the cable unit of Time Warner to swap cable properties in Florida and Indiana.
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Comcast called geographical consolidation critically important to the companys future.

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