Cox takes majority stake in Teleport Communications. (Cox Enterprises Inc. to increase ownership of Teleport Communications Group from 12.5 to 50.1%)

Multichannel News, March, 1992 by Thompson, Rachel W.

NEW YORK -- Cox Enterprises Inc. will exercise an option to increase its ownership of Teleport Communications Group Inc. from 12.5 percent to 50.1 percent, removing Merrill Lynch as Teleport's founding investor and placing the company wholly in the hands of the cable industry. Following the announced purchase by Tele-Communications Inc.

of 49.9 percent of Teleport three weeks ago, Cox CFO John Dillon indicated that Cox was mulling a quick purchase of the remaining 37.6 percent of the company. Terms of the sale were not disclosed, but analysts estimated the value of the TCI purchase to be in the $75 million to $100 million range. Teleport's revenues have been estimated to be in the $65 million range. Dillon said last week that Cox and TCI had...

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