AT&T in cable swap deals
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June 18, 1999: 6:34 p.m. ET
Deals could leave most major cities with one cable provider
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NEW YORK (CNNfn) - AT&T Corp. is involved in a number of swap deals that would leave several major cable markets in the hands of one provider.
AT&T (T) is talking with Adelphia Communications Corp. (ADLAC), Comcast Corp. (CMCSK), Charter Communications and Cox Communications, Inc. (COX) and could have deals by mid-July, according to AT&T Spokesman Mark Siegel. Siegel confirmed comments on the deals by Leo Hindery, CEO of AT&T Broadband & Internet Services in a USA Today article Friday.
By swapping assets, companies could concentrate on one particular region of the country, much like local phone companies do.
If the deals are successful, it could leave New York and Los Angeles as the only two markets with more than one cable operator.
AT&T recently acquired Tele-Communications Inc. and expects the purchase of MediaOne Group Inc. (UMG) for $58 billion to close by the end of the first quarter of 200. Through these deals, AT&T's cable operations will reach about 24.5 percent of U.S. households.
On the New York Stock Exchange, AT&T finished up 1-3/16 to 55-5/8.
--from staff and wire reports
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