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COMPANY TOWN ANNEX | BRIEFLY

US West Completes Continental Purchase

November 16, 1996|Times Staff and Wire Reports

US West Inc. said it completed its $11.8-billion acquisition of Continental Cablevision Inc. US West also said it plans to repurchase as much as $350 million of stock of US West Media Group, which includes the company's cable and wireless networks. US West, based in Englewood, Colo., is buying closely held Continental with $5.3 billion in cash and US West Media Group shares, and assuming $6.5 billion of Boston-based Continental's debt. The companies disclosed the transaction in February. Continental shareholders voted to approve the transaction Thursday, which makes US West the third-largest cable operator in the U.S. On the New York Stock Exchange, US West shares rose 37.5 cents to $30.875, and US West Media Group shares rose 35 cents to $18.60.

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