Roberts Excite roller coaster
By BroadCasting & Cable Staff -- Broadcasting & Cable, 5/14/2000 8:00:00 PM
Excite@Home's stock price soared from $18 to $28, then fell back last Tuesday following a remark by Comcast Chairman Brian Roberts about his recent deal to eventually sell his stake to AT & T.
Roberts defended AT & T's agreement in March to eventually buy Comcast's minority stake in Excite@Home at a minimum of $48 per share. The stock promptly fell in the Nasdaq crash.
At an NCTA panel, Roberts said that AT & T didn't do a stupid deal and that he would happily buy out AT & T's stake at the same terms, because he believes the high-speed Internet company has strong long-term value. Investors, spurred by a Bloomberg wire report, interpreted a report of his remark as a sign that deal talks were actually under way, which Roberts clearly stated is not the case.
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