Cablevision knocks Excite buyout plan
-- Broadcasting & Cable, 6/12/2000
Cablevision Systems wants in on the sweet deal MSOs Comcast and Cox got when they sold their stakes in Excite@Home last March. Or it wants to terminate its agreement to carry the high-speed Internet network.
An Excite@Home SEC filing shows that Cablevision thinks it should get the same terms its partners did: The company wants to extend its carriage agreement with the service but also have the option to sell its shares to major partner AT & T Corp. at $48 per share.
Excite@Home's stock has plunged to $20 since Comcast and Cox sold their shares.
The filing also revealed that a class action shareholder suit has been filed over the deal.
