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Comcast hangs up cellular
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January 20, 1999: 8:25 a.m. ET
SBC Communication' purchase for $1.7B includes $1.3B debt assumption
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NEW YORK (CNNfn) - Comcast Corp. said Wednesday it has agreed to sell its Comcast Cellular Corp. subsidiary to telecommunications company SBC Communications for about $1.7 billion.
Philadelphia-based Comcast Corp. (CMCSK), a broadband cable network operator with principal ownership of the QVC home shopping channel, said the deal includes assumption of about $1.3 billion of debt.
Brian L. Roberts, Comcast Corp. president, said the sale makes sense for both companies.
"We will now focus on our core cable and content businesses as we move forward with the launch of new products and initiatives in both areas," Roberts said.
The deal is subject to certain customary conditions, including Hart-Scott-Rodino clearance and regulatory approvals. Comcast and San Antonio, Texas-based SBC Communications (SBC) are expected to complete the sale in the third quarter.
Comcast shares closed up 4-11/16 at 67-13/16 Tuesday. SBC was up 3-1/16 at 59. 
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