Cooke To Sell Cable Holdings To Consortium
LOS ANGELES (AP) _ Jack Kent Cooke, owner of the Daily News and the Washington Redskins, announced an agreement to sell his cable holdings - which reach 675,000 subscribers - to a consortium of six buyers.
Cooke’s company, Jack Kent Cooke Inc., based in Middleburg, Va., didn’t disclose the value of the sale, announced here by Cooke CableVision on Thursday.
The buyers of the Woodland Hills-based cable company are Tele- Communications Inc., InterMedia Partners, TCA Cable TV, Falcon Cable TV, Chambers Communications and an entity including members of the John J. Rigas family.
Four of the firms - Tele-Communications, InterMedia, TCA and Falcon - were involved in a previous deal to buy the cable properties for an estimated $1.47 billion. Cooke canceled that deal last March.
James Lachner, executive vice president of Jack Kent Cooke Inc., refused to discuss terms of the sale.
But InterMedia said it would buy properties that serve 212,000 subscribers in Arizona, Atlanta and the Tennessee cities of Nashville and Knoxville, in addition to serving Aiken, S.C.
TCA said it was buying five of the 39 stations, serving 86,000 subscribers, owned by Cooke in the rural areas of Texas, New Mexico and Mississippi.
Rigas Holdings, comprised of members of the Rigas family and management of Adelphia Communications Corp. in Couderpost, Pa., will buy properties serving Syracuse, N.Y., and Hilton Head, S.C. Those properties serve 79,500 subscribers.
Details about systems purchased by Tele-Communications, Falcon and Chambers were unavailable.
Cooke acquired most of the cable companies in 1987 when he bought the Washington-based McCaw Communications, a 520,000-subscriber cable system. At the same time he also bought First Carolina Communications Inc., which serves 170,000 subscribers.
Cooke paid about $1.1 billion for the two systems.