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Cable World, Feb 7, 2000
SEAGRAM GETS HIGH
Seagram Co. Ltd.'s shares continued their upward reach last week on speculation the company would be sold. Rumors say that USA Networks Inc. chairman Barry Diller is the front runner to buy the properties. Diller currently owns 55% of Seagram's Universal Studios Inc. TV business. Seagram's shares have enjoyed an updraft caused by the America Online-Time Warner merger. Shares were boosted by as much as 39.5%.
IT'S A DONE DEAL
Cox Communications Inc. closed on its deal to buy Multimedia's cable systems. Under terms of the agreement, Cox purchased Gannett Co. Inc.'s cable television assets for $2.7 billion. The cable systems, which operated under I the name Multimedia Cablevision, serve some 525,000 customers in Kansas, North Carolina and Oklahoma City.
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TAKING A TOLL
The race for high-speed data dominance is taking its toll in the telecom industry. Sprint Corp. said costs required to build out its Integrated On-Demand network (ION), which is being built to carry high-speed data, softened fourth quarter net income by 9 cents per share. In the year-earlier period, the company said that such costs lowered net income by 5 cents per share.
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