Comcast Trades Its North Texas Cable Systems
Posted on: Thursday, 28 April 2005, 09:00 CDT
Apr. 28--Time Warner Cable will gain ownership of the North Texas cable systems of Comcast under a swap agreement related to the two companies' purchase of bankrupt Adelphia Communications.
The swap is expected to be completed within nine to 12 months, the companies said Wednesday.
Comcast has about 500,000 customers in its North Texas cable systems, which include Dallas, Arlington, Bedford, Colleyville, Euless, Grapevine and Grand Prairie. It also employs about 1,500 people in the area, spokesman Jim Gordon said. Comcast has more than 21 million customers and is in 22 of the nation's top 25 markets.
Time Warner has 2.6 million customers in Texas, its second-largest market, behind only New York, according to the company. Among its larger Texas properties are cable systems in Austin, El Paso, Houston and San Antonio. It has 10.7 million cable customers in 27 states.
Besides the North Texas properties, Time Warner will get cable systems in Los Angeles and Cleveland from Comcast. Among the cable systems Comcast will receive are those in Minneapolis and Memphis, Tenn.
Time Warner and Comcast agreed last week to pay $12.7 billion plus 16 percent of Time Warner Cable to acquire Adelphia. At the time, the companies said they would swap some properties to boost market presence in each company's strongest markets. The Adelphia purchase is awaiting approval from the bankruptcy court and regulators.
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Source: Fort Worth Star-Telegram (Fort Worth, Texas)
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