Steve Mehs
11-19-02, 05:13 AM
It's official: Comcast and AT&T Broadband have merged operations, creating the nation's largest cable company with more than 21.4 million subscribers.
AT&T spun-off its AT&T Broadband cable unit to AT&T shareowners of record on Friday, Nov. 15. Following the spin off, AT&T Broadband combined with Comcast. The combination, which took effect at market close Monday, has an aggregate value of about $60 billion, including stock and debt, the company said.
The merged entity is simply known as Comcast. The combined company will have 59,000 employees and a presence in 41 states. C. Michael Armstrong, retiring chairman and chief executive officer at AT&T, is now chairman of Comcast. Brian L. Roberts is CEO of the new company.
The new Comcast common stock will begin trading under the NASDAQ symbols CMCSA and CMCSK beginning today.
Comcast said it has assumed more than $24 billion in debt from AT&T and its subsidiaries, as well as $5 billion of AT&T subsidiary trust convertible preferred securities held by Microsoft, which will be converted into 115 million shares of Comcast.
From SkyReport (http://www.skyreport.com/skyreport/nov2002/111802.shtm#four) (Used with Permission)
AT&T spun-off its AT&T Broadband cable unit to AT&T shareowners of record on Friday, Nov. 15. Following the spin off, AT&T Broadband combined with Comcast. The combination, which took effect at market close Monday, has an aggregate value of about $60 billion, including stock and debt, the company said.
The merged entity is simply known as Comcast. The combined company will have 59,000 employees and a presence in 41 states. C. Michael Armstrong, retiring chairman and chief executive officer at AT&T, is now chairman of Comcast. Brian L. Roberts is CEO of the new company.
The new Comcast common stock will begin trading under the NASDAQ symbols CMCSA and CMCSK beginning today.
Comcast said it has assumed more than $24 billion in debt from AT&T and its subsidiaries, as well as $5 billion of AT&T subsidiary trust convertible preferred securities held by Microsoft, which will be converted into 115 million shares of Comcast.
From SkyReport (http://www.skyreport.com/skyreport/nov2002/111802.shtm#four) (Used with Permission)