June 25, 1998 |
In his rare moments of free time, AT&T Corp. Chief Executive C. Michael Armstrong loves to hit the road on a Harley-Davidson motorcycle. These days, he's also trying to run hog wild through the telephone and cable television industries. The giant deal announced Wednesday for AT&T to acquire cable-TV operator Tele-Communications Inc. for $46.5 billion demonstrates Armstrong's determination to radically reshape the nation's largest telecommunications company.
June 25, 1998 |
Tele-Communications Inc. is proposing to combine its Liberty Media programming unit and TCI Ventures, which manages its outside investments, in a new company to be headed by TCI Chairman John Malone. The plan, which involves a $6.4-billion stock swap, was announced in conjunction with AT&T Corp.'s agreement to buy Tele-Communications. As with many of Malone's deals over the years, the complexity of the proposal puzzled even experienced analysts.
June 24, 1998 |
In a deal that sharply escalates the race to provide communications services to the nation's households and businesses, phone giant AT&T Corp. will announce today that it will buy cable powerhouse Tele-Communications Inc., sources close to the company said. The all-stock transaction is valued at $48 billion.
June 12, 1998 |
In an attempt to make TV Guide a powerhouse in the coming age of interactive television, News Corp. is merging its weekly magazine with the dominant over-the-air listing service, the Prevue Channel, in a deal valued at $2 billion. Under the transaction, News Corp. will get $800 million in cash and $1.2 billion in stock of United Video Satellite Group Inc., the owner of Prevue that is controlled by John Malone's Tele-Communications Inc., the nation's largest cable company. News Corp.
May 14, 1998 |
Tele-Communications Inc. reported an unexpected profit in the first quarter, its first in more than two years, on strong demand for digital cable television and a gain on the sale of assets. The Englewood, Colo.-based company's U.S. cable unit had net income of $238 million, or 44 cents a diluted share, compared with a loss of $84 million, or 12 cents, a year earlier. Analysts had expected a loss of 6 cents. Revenue rose 2.5% to $1.87 billion. Revenue from cable operations rose 5.6% to $1.
May 13, 1998 |
Moving to stop the cable industry from extending its television dynasty skyward, the Justice Department on Tuesday sued to block the nation's five largest cable operators from buying a key TV satellite slot from Rupert Murdoch's News Corp. and MCI Communications Corp. The 35-page lawsuit, filed in U.S. District Court in Washington, seeks to quash a $1.1-billion deal that would have given cable giants Tele-Communications Inc., Time Warner Inc., Comcast Corp., Cox Enterprises Inc.
April 24, 1998 |
The two largest U.S. cable TV companies, Tele-Communications Inc. and Time Warner Inc., reassured Congress that they'll offer the same quality digital pictures that many broadcast TV stations will begin airing later this year. "We want to make sure that we're passing through the same quality" picture that the broadcasters are initially airing, Joseph Collins, chief executive of Time Warner cable, told the House telecommunications subcommittee.
March 25, 1998 |
Three giants from the cable television, computer software and banking industries agreed Tuesday to band together in developing a new service that will enable consumers to do their banking through their television sets. The deal, the first of many expected to emerge as companies scramble to take advantage of the convergence of computers and televisions, was struck early Tuesday morning by cable powerhouse Tele-Communications Inc., BankAmerica Corp. and software leader Intuit Corp.
March 24, 1998 |
Leo Hindery didn't sign a formal contract when he agreed to become president of the nation's largest cable company about a year ago. The terms he worked out were boiled down to a one-page letter from his new boss, John Malone, the chairman of Tele-Communications Inc.: Hindery would abstain from race car driving as long as he was president of the Englewood, Colo.
February 6, 1998 |
Kraft Foods and Grey Advertising unveiled a deal with cable TV operator Tele-Communications Inc. to develop ways to target ads to specific households. Using TCI's digital network, the alliance will create "sophisticated micro-marketing advertising vehicles that reach consumers with targeted messages on a household-by-household basis," the companies said. One of the first applications will be to tailor and deliver ads to urban and suburban markets within the same region, the companies said.