Comcast Faces Competition for the Hand of AT&T Broadband

16 July 2001

Other suitors for the hand of America’s largest cable business, AT&T Broadband, are set to muscle in on Comcast’s $40 billion nuptial offer.

According to AT&T, a number of other expressions of interest have been received, although it declined to divulge either their identity or its own stance to the approaches.

Former AT&T director John C Malone, who quit last week in an apparent fit of pique at his exclusion from board discussions on the Comcast offer [WAMN: 11-Jul-01], has implied that he favors the deal in principle provided it is sweetened.

In this, if little else, he is at one with AT&T chairman Michael Armstrong who has already conceded that Comcast’s offer "recognises at least some of the value we've created in AT&T Broadband”, before enquiring rhetorically: “The question is, whether it recognises all the value.”

Despite AT&T’s reluctance to name names of other Romeos, media speculation is that they include number two cable network Cox and Charter Communications, the cable company launched by Microsoft co-founder Paul Allen

News source: Financial Times