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Charter began long-awaited nonstrategic asset sales with the agreement to sell its 25,500-subscriber system in Port Orchard, Wash., to privately held WaveDivision Holdings. The transaction is valued at $91 million, or just under $3,600 a sub. To help pare its debt load, Charter has systems serving about 600,000 subscribers on the block. Separately, Charter is reportedly seeking approval from senior lenders to create a new corporate entity that would be formed to borrow a previously announced $300 million from controlling shareholder Paul Allen.

MICROSOFT AND AOL NOW BEST PALS

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Money talks, especially when one company desperately needs to trim debt and the other is sitting on a fat pile of cash. Microsoft will pay AOL Time Warner $750 million in cash and give AOL seven years of royalty-free usage for its Web browser software as part of a settlement that extinguishes an antitrust lawsuit AOL subsidiary Netscape filed against Microsoft in 2000. Part of the deal calls for the two companies to work together on digital media initiatives; Microsoft will also license its digital media technology to AOL.

BARRICADES IN OHIO

Satellite providers are calling into question the constitutionality of a proposed law in Ohio that would tax satellite customers but not cable customers. Lawyers for DirecTV and EchoStar Communications say the law proposed by Ohio's House of Representatives is illegal under both Ohio and U.S. law and would likely not survive a legal challenge. Satellite providers are also fighting a similar proposal in California.

MTV NETWORKS RESTRUCTURES

Judy McGrath was named MTV Networks Group president with responsibility for MTV, MTV2, VH1, CMT: Country Music Television, College Television Network and Comedy Central, in addition to overseeing MTV Networks' Digital Suite of 13 networks. McGrath was previously president of MTV Networks Music Group. Herb Scannell also changes titles from president of Nickelodeon, TV Land and TNN to become MTV Networks group president, responsible for Nickelodeon/Nick at Nite, TV Land, Noggin and TNN - which this month changes its identity to Spike TV. Larry Divney, president of Comedy Central, reports to McGrath under the new structure.

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Cable World, June 2, 2003

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