Loop dreams; Cable operators; Comcast bids for AT&T's cable business.(Business)
Economist (US), The, July, 2001
FOR the venerable American Telephone and Telegraph ( AT&T ), the symbolism was as humiliating as the timing was audacious. On July 8th, the day before the battered telecoms group was to spin off its wireless arm as part of a four-way break-up, Comcast, America's third-biggest cable- TV operator, grabbed the headlines with a hostile bid worth $44.5 billion for the cable bit of those pieces, AT&T Broadband. If Comcast succeeds, it would create America's biggest cable company, reaching 22m customers, or over a third of the cable market, and dwarfing its nearest rival. It would also mark a turning point in the consolidation of the entire industry.
The deal is far from secured. In consternation, AT&T promptly declared that it had "no current plans" to sell AT&T...
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