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TELECOMMUNICATIONS | NATION / WORLD

Hostetter Quits as Media One Chief

August 07, 1997|(Bloomberg News)

Less than a year after selling the cable company he founded 34 years ago to US West Media Group, Amos Hostetter is resigning as CEO of US West unit Media One over US West's decision to move its cable headquarters to Denver from Boston. US West, which is based in a Denver suburb, became the nation's third-largest cable operator in November when it paid $11.8 billion for Boston-based Continental Cablevision Corp. Continental was merged into the regional phone company's tiny Media One cable group and now serves 5.2 million subscribers. Hostetter will be replaced as chief executive by Jan Peters, the head of US West's wireless unit in Britain. That will make Peters, 46, the highest-ranking woman in cable operations. Analysts and investors were disappointed by the loss of Hostetter, 60, an industry pioneer who is considered one of its visionaries. After three days of unusually heavy trading, US West shares fell $1.50 to close at $22.31 on the New York Stock Exchange, still close to their record.

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