SAN FRANCISCO (03/23/2000) - To strengthen its bid for approval of its proposed merger with AT&T Corp., MediaOne Group Inc. said today it plans to sell 14 million shares of its Time Warner Telecom Inc. stock.
The total shares to be offered for sale, including the underwriters' shares, will be 15.3 million, MediaOne and Time Warner Telecom said in a statement released today. The shares represent the whole of MediaOne's interests in the optical network facilities provider.
Time Warner Telecom shares on the Nasdaq exchange at the close of business today stood at US$76 per share, bringing the value of the shares to $1.16 billion.
Cable television and Internet access company MediaOne has sold off $12.6 billion in "non-core" assets since the merger plan with AT&T was announced. The company agreed to the $62 billion merger offer from AT&T on May 6, 1999.
The U.S. Federal Communications Commission (FCC) has not yet given final approval to the merger.
MediaOne Group Inc., in Englewood, Colorado, is at +1-303-858-3000, or at http://www.mediaonegroup.com/. AT&T Corp., in Basking Ridge, New Jersey, is at +1-908-221-2000, or at http://www.att.com/.