Comcast completes AT&T Broadband acquisition

Fiber Optics Weekly Update, Nov 22, 2002

Comcast Corporation announced that its transaction with AT&T Broadband is complete, bringing together cable assets serving more than 21.4 million subscribers in 41 states. The new Comcast Corporation, formerly named AT&T Comcast Corporation, provides digital cable to 6.3 million customers, high-speed data to more than 3.3 million customers and cable phone service to more than 1.3 million customers.

Under the terms of the previously announced transaction, AT&T has spun off AT&T Broadband and combined it with Comcast. As a result, AT&T shareholders are entitled to receive 0.3235 shares of the new Comcast Corporation Class A common stock in respect of each share of AT&T common stock they owned at the close of business on Friday, November 15, 2002, the record date for the spin-off, and will continue to hold their shares of AT&T common stock. Comcast shareholders will receive for each share of old Comcast common stock one share of the corresponding class of the new Comcast common stock. The new Comcast common stock began trading under NASDAQ symbols CMCSA and CMCSK on Tuesday, November 19th.