Microsoft co-founder to buy 90% of big company
Article Abstract:
Billionaire investor Paul Allen acquired more than 90% of privately owned cable operator Charter Communications for $4.5 billion. The transaction would elevate Allen, whose Vulcan Ventures company already owns Marcus Cable, to the seventh-largest US cable operator with approximately 2.4 million subscribers. Charter currently ranks as the 10th-largest US cable operator with 1.2 million customers. Allen's purchase represents around 14 times Charter's projected pay flow, according to Vulcan Pres William Savoy. By comparison, industry acquisitions have totaled some 12 times cash flow. Cable systems acquisitions have become more expensive because of cable's ability to deliver telephone and interactive data services to homes, according to Paul Kagan Associates. Vulcan is interested in acquiring other cable operations, Savoy added. A possible target is Century Communications, which serves 800,000 subscribers in the Los Angeles market.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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The heir is clearly apparent at Comcast; a textbook study in maintaining family leadership
Article Abstract:
The country's fourth-largest cable television provider is Comcast, a family business started by Ralph Roberts. Roberts has been preparing his son Brian Roberts to inherit the position of leadership at Comcast by increasing his control over the 8.8 million special shares of stock that make up almost 82% of the company's vote. Brain Roberts has successfully maintained the support of his siblings, none of which work at Comcast, while gaining the respect of his peers. The $1 billion deal struck between Bill Gates of Microsoft and the younger Roberts in early Jun 1997, is evidence of this. The elder Roberts is working on a way to provide his other four children with nonvoting stock that they would be able to sell without disrupting their brother's control of the company.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1997
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Enigmatic architect of a cable resurgence; Hindery buffs image of combative TCI
Article Abstract:
Tele-Communications Inc (TCI) Pres Leo J. Hindery Jr's practical, diplomatic, outgoing style contrasts with that of Chmn John C. Malone, regarded by some critics as arrogant. Hindery has improved TCI's image, in Washington by effective politicking and on Wall Street by selling cable systems to minimize the company's debt. Hindery is seen as a good foil for Malone, described as blunt and combative. By contrast, Hindery tends to be conciliatory. Hindery is diplomatic but not necessarily modest. He says he is better at running the company but Malone is better at strategic planning. TCI is the nation's second-largest cable operator, exceeded only by Time Warner.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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