Comcast Completes Acquisition of Select AT&T Broadband Cable Systems in Six States
Comcast Corporation announced today that it has completed the acquisition of AT&T Broadband cable systems serving approximately 595,000 customers in six states. The transaction will better cluster the territories Comcast serves.
In this acquisition, Comcast gains approximately 75,000 customers in New Mexico; 43,000 customers in Maryland and Delaware; 46,000 customers in New Jersey; 119,000 customers in Pennsylvania; and 312,000 customers in Tennessee. In exchange, AT&T acquires 63.9 million shares of AT&T stock held by Comcast. Under terms of the agreement, 39.9 million shares were valued at approximately $2.2 billion with the remainder valued at cost, which approximates $550 million.
More than four million Comcast Cable customers are located in the mid-Atlantic region, stretching from New Jersey to suburban Washington, D.C. Comcast's geographic consolidation of key markets enhances its ability to offer expanded digital video and high-speed Internet services to customers and helps facilitate deployment of future services, such as video on demand, through its networks.
Comcast Corporation (www.comcast.com) is principally involved in the development, management and operation of broadband cable networks, and in the provision of electronic commerce and programming content. Comcast Cable is the third largest cable company in the United States and, incorporating pending cable transactions, will serve more than 8.4 million subscribers. Comcast's commerce and content businesses include majority ownership of QVC, Comcast-Spectacor, Comcast SportsNet, and The Golf Channel, a controlling interest in E! Networks, and other programming investments. Comcast's Class A Special and Class A Common Stock are traded on The Nasdaq Stock Market under the symbols CMCSK and CMCSA, respectively.