Charter and AT&T Broadband To Retain Properties
ST. LOUIS, Mo. & ENGLEWOOD, Colo.--(BUSINESS WIRE)--JULY 6, 2000--Charter Communications (Nasdaq:CHTR) and AT&T Broadband announced jointly today that negotiations to trade certain cable television systems have ceased. Discussions were initiated by a Letter of Intent signed in December 1999.
The companies said they were unable to agree on the mix of assets and the values associated with those assets.
Cable television systems owned by Charter in Fort Worth, Texas, and areas of Connecticut, Massachusetts, California, Tennessee and Kentucky serving some 632,000 customers were to have been traded for AT&T Broadband systems in the St. Louis Metropolitan Area, Birmingham, Alabama, and areas of Illinois and Georgia serving some 704,000 customers.
Jerry Kent, President & CEO of Charter, expressed overall disappointment. "On the positive side, however, we continued to rebuild and upgrade our affected systems throughout these discussions, and they're generating extraordinary cash flow growth as a result," he said. "This will further ensure that we meet shareholder expectations by achieving the highest financial goals in the industry. And certainty will be restored to the lives of our employees, their families, the officials of the affected cities, and our customers."
Dan Somers, President & CEO of AT&T Broadband, expressed his disappointment in the outcome of the discussions. "Each company believes strongly in the value of its respective systems," Mr. Somers said. "While we're disappointed in the outcome of our talks, we're also pleased to continue providing the highest quality broadband services to our respective communities," he continued.
Charter Communications, a Wired World(TM) company, is among the nation's largest broadband communications companies with some 6.2 million customers. Charter offers an array of advanced broadband services, including cable television under the Charter Cable TV brand; advanced digital video programming services under the Charter Digital Cable(TM) brand and high-speed Internet access via Charter Pipeline(TM). Charter is traded on the Nasdaq National Market under the ticker symbol "CHTR." More information about Charter can be found on the Internet at www.chartercom.com.
AT&T Broadband, a business unit of AT&T, is one of the nation's largest broadband services companies, providing analog and digital television entertainment services to about 16 million customers across the nation. The company also provides advanced services, such as high-speed cable Internet services and competitive local phone service. AT&T Corp. (NYSE:T) is the world's leader in telecommunications services and technology.
Statements in this press release regarding Charter Communications' business which are not historical facts may be "forward-looking statements." Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from any such forward-looking statements are identified in the reports and documents we file from time to time with the U.S. Securities and Exchange Commission.
Anita Lamont, 314-543-2215
Mary Jo Moehle, 314/543-2397
Tracy Hollingsworth, 720/875-5659
Dennis Sienko, 720/875-5053