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Late Breaking News

Encouraging economic data released Friday drove a triple-digit rally that pushed the Dow Jones Industrial Average close to a five-month high. Positive news late last week from several cable and media stocks, including AOL Time Warner and Charter Communications, buoyed their stock performance as well. The Dow closed at 8850.26 Friday, up 139.08, or 1.6%, and was up 4.4% for the month. AOL closed Friday at $15.22, up 37 cents, or 2.5%, after unexpectedly settling an antitrust suit with Microsoft. Charter closed at $3, up 21 cents, or 7.53%, after announcing a system sale late Thursday.

Outdoor Life Climbs Everest

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A team of climbers attached to the Outdoor Life Network's Global Extremes adventure series has successfully trekked up Mt. Everest. The ascent of the mountain's rugged north face took six and a half hours, a near record. The expedition, which marked the 50th anniversary of the first successful ascent, was recorded live and was slated to be aired in real time on OLN. Unfortunately, the team's satellite permit with the Chinese government expired as the team waited for a break in the weather. Back in its homeland of Canada, a triumvirate of OLN rivals - Headline Media, CanWest Global Communications and the CBC - challenged the network's right to air professional sports; Canadian broadcasters are required to apply for a license to air professional sporting events, something which OLN does not hold at present.

Comcast Steamed in San Jose

Comcast Corp. filed suit against the city of San Jose, Calif., last week alleging the city is trying to extract excessive concessions in exchange for renewing Comcast's franchise. The city has been trying to negotiate a franchise renewal for almost three years. Talks began when the system was owned by AT&T Broadband and have continued in the wake of Comcast's acquisition of the company. The city wants Comcast to upgrade the plant, provide more access channels and build an institutional network for city buildings and schools. "Comcast and the city each remain committed to working amicably to resolve the various issues that remain outstanding," said Comcast spokesman Andrew Johnson in a prepared statement.

Addenda

Brad Turell has rejoined The WB as EVP, network communications; he was formerly EVP at TBS.... Cablevision faces little possibility of a cash crunch now that it has completed the sale of its wireless licenses to Verizon, according to Moody's. The credit ratings agency upped its liquidity rating on Cablevision to SGL-2, or good, from SGL-3, or adequate.... PamAmSat is prepared to expand its business this year by concentrating on its U.S. video customers and government contracts, president and CEO Joe Wright told shareholders last week.

Technology Industry

Late Breaking News

Cable World, June 2, 2003

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