InvestorsFebruary 28, 2001
Charter Communications to Acquire AT&T Broadband Cable Systems in Nevada
ST. LOUIS--(BUSINESS WIRE)--Feb. 28, 2001--Charter Communications, Inc. (Nasdaq:CHTR) today announced a signed definitive agreement on several cable-system transactions involving AT&T-owned cable systems in Reno, Carson City and other communities in Nevada. The transaction will result in a gain of about 156,000 customers in Nevada for Charter.
"The Nevada systems represent new areas of expansion for Charter," said Jerry Kent, Charter's president and CEO. "We welcome the opportunity that this booming area brings to our company as well as the opportunity for Nevada customers to experience our growing range of advanced broadband services."
Charter will also acquire AT&T cable systems in Alabama, Illinois and Missouri. The entire transaction will result in a net gain of about 512,000 customers for Charter nationwide. For its systems, AT&T Broadband will receive $1.79 billion comprised of Charter cable systems valued at $249 million serving 62,000 customers in Miami Beach and Sebastian, Fla.; up to $500 million in Charter common stock; and the balance in cash. The transactions are expected to close in the second or third quarter of 2001, subject to certain closing conditions and regulatory review.
With nearly 6.4 million customers, Charter Communications, a Wired World(TM) company, is among the nation's largest broadband communications companies. Charter offers a full range of advanced broadband services to the home, 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 the 2001 recipient of the Outstanding Corporate Growth Award from the Association for Corporate Growth and the 2000 Innovator Award for Technology from Cablevision Magazine. More information about Charter can be found at www.charter.com.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These include, but are not limited to, statements regarding the Companies' plans, intentions and expectations. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. These risks include increased levels of competition, shortages key equipment, restrictions on the Companies' abilities to finance their growth and other factors. A more extensive discussion of the risk factors that could impact these areas and the Companies' overall business and financial performance can be found in the Companies' reports filed with the Securities and Exchange Commission. Given these concerns, investors and analysts should not place undue reliance on forward-looking statements.
AT&T Broadband Systems to be Sold to Charter Communications Nevada Battle Mountain Carlin Carson City Churchill Dayton Douglas Elko Fallon Fallon Naval Air Station Fish Springs Galena Forest Gardnerville Glenbrook Hawthorne Johnson Lane Lockwood Lyon Minden Park Vista Apartments Placer Pyramid Lake Indian Reservation Reno Silver Springs South Lake Tahoe Sparks City Spring Creek Stateline Storey Washoe Wells Yerington
|Andy Morgan, 314/543-2217|