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CALIFORNIA | BRIEFLY / TELECOMMUNICATIONS

Sprint to Acquire American Telecasting

April 28, 1999|Reuters

Long-distance phone provider Sprint Corp. said it is buying wireless cable television company American Telecasting Inc. for $168 million, or $6.50 a share. Sprint said it will use the broadcast licenses controlled by Colorado Springs, Colo.-based American Telecasting to provide an estimated 10 million households with access to its Sprint Integrated On-Demand Network. The licenses can be used for high-speed Internet and data services in several major markets across the United States. Using American Telecasting's broadcast spectrum, Kansas City, Mo.-based Sprint will be able to provide services to 55 markets, mostly in the North-Central and Western United States. The deal is subject to approval by shareholders and regulators. Sprint is also assuming about $281 million of American Telecasting's debt. Sprint shares fell $1.81 to close at $106.38 on the NYSE.

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