Roberts' Excite roller coaster.(Brian Roberts to sell stake in Excite)(Brief Article)(Statistical Data Included)

Broadcasting & Cable, May, 2000 by Higgins, John M.

Excite@Home's stock price soared from $18 to $28, then fell back last Tuesday following a remark by Comcast Chairman Brian Roberts about his recent deal to eventually sell his stake to AT&T. Roberts defended AT&T's agreement in March to eventually buy Comcast's minority stake in Excite@Home at a minimum of $48 per share.

The stock promptly fell in the Nasdaq crash. At an NCTA panel, Roberts said that AT&T didn't do a stupid deal and that he would happily buy out AT&T's stake at the same terms, because he believes the high-speed Internet, company has strong long-term value. Investors, spurred by a Bloomberg wire report, interpreted a report of his remark as a sign that deal talks were actually under way, which Roberts clearly stated is not the case.