InterMedia Partners Sale to Charter Communications and AT&T Broadband Internet Services is Final

Business Wire, Oct 1, 1999

ST. LOUIS--(BUSINESS WIRE)--Oct. 1, 1999--

Charter Communications and AT&T Broadband Internet Services has completed the acquisition of cable television systems owned by InterMedia Partners serving approximately 700,000 customers in Georgia, North Carolina, South Carolina and Tennessee.

The total estimated value of the combined transaction is approximately $2.4 billion.

Charter acquired InterMedia's cable systems serving approximately 400,000 customers in Greenville and Spartanburg, South Carolina; Athens and Gainesville, Georgia; Asheville and Marion, North Carolina; Kingsport, Cleveland and Alcoa in Tennessee, and certain West Tennessee communities. Charter exchanged cable systems serving approximately 140,000 customers in the communities of Shelbyville, Kentucky, Logan, Utah, and Milltown, Montana, with InterMedia Partners-IV. A few small systems in Indiana expected to be part of the transaction were not part of this closing pending final regulatory approval. In a non-cash transaction, AT&T acquired those Charter cable systems and InterMedia's cable systems serving approximately 300,000 customers in the Nashville metropolitan market for the value of its partnership interest.

Daniels & Associates advised all three parties with these transactions.