Comcast Enters into Acquisition of AT&T Broadband Cable System in the City of Baltimore
Comcast and AT&T have entered into an agreement in which Comcast will acquire the cable system serving approximately 110,000 subscribers in Baltimore, Maryland for approximately $500 million in cash, subject to adjustment. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close by the end of the second quarter of 2001.
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.