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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) of the
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 26, 1999
COMCAST CORPORATION
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(Exact name of registrant as specified in its charter)
PENNSYLVANIA 000-06983 23-1709202
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(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification no.)
1500 Market Street, Philadelphia, PA 19102-2148
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (215) 665-1700
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ITEM 5. OTHER EVENTS
On May 26, 1999, Comcast Corporation, a Pennsylvania corporation
("Comcast"), and Jones Intercable, Inc., a Colorado corporation and an indirect
controlled subsidiary of Comcast ("Jones") announced agreements (the
"Agreements") to swap certain cable systems with Adelphia Communications, a
Delaware corporation. A press release announcing the Agreements was issued by
Comcast and Jones on May 26, 1999. The information contained in the press
release is incorporated herein by reference. The press release is attached
hereto as Exhibit 99.1.
ITEM 7(c). EXHIBITS
99.1 Press Release dated May 26, 1999.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
COMCAST CORPORATION
Dated: May 27, 1999 By: /s/ Joseph J. Euteneuer
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Joseph J. Euteneuer
Vice President and Corporate Controller
2
COMCAST CORPORATION
NEWS RELEASE
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Contact:
John R. Alchin, Senior Vice President and Treasurer (215) 981-7503
William E. Dordelman, Vice President, Finance (215) 981-7550
Marlene S. Dooner, Senior Director, Investor Relations (215) 981-7392
FOR IMMEDIATE RELEASE
COMCAST CORPORATION AND JONES INTERCABLE ANNOUNCE CABLE
SYSTEM SWAPS WITH ADELPHIA COMMUNICATIONS
Philadelphia, PA -- May 26, 1999: Comcast Corporation and Jones Intercable, Inc.
announced today agreements to swap certain cable systems with Adelphia
Communications. These cable system swaps will continue to strengthen Comcast's
Mid-Atlantic super-cluster, encompassing cable systems in New Jersey, eastern
Pennsylvania, Maryland, Delaware, Washington DC and Virginia. These system
swaps, together with other pending acquisitions and investments will make
Comcast's Mid-Atlantic super-cluster one of the largest cable system clusters in
the nation with interests in more than four million owned and managed cable
subscribers. In addition, they will enhance Comcast's and Jones' cable clusters
in the Midwest, in Michigan and Indiana, and also in West Florida. In the
aggregate, these swaps will add approximately 464,000 cable subscribers
currently held by Adelphia to Comcast and Jones markets. In exchange, Adelphia
will receive current Comcast and Jones systems serving approximately 440,000
subscribers in the greater Los Angeles area as well as in Palm Beach, Florida.
All systems involved in the transactions will be valued based upon independent
appraisals with any difference in relative value to be funded with cash or
additional cable systems. The system swaps are subject to customary closing and
regulatory approvals and are expected to close by mid-2000.
Comcast Corporation (www.comcast.com) is principally engaged in the development,
management and operation of broadband cable networks and in the provision of
content through principal ownership of QVC, Comcast-Spectacor and Comcast
SportsNet, a controlling interest in E! Entertainment Television and through
other programming investments.
Comcast's Class A Special Common Stock and Class A Common Stock are traded on
The Nasdaq Stock Market under the symbols CMCSK and CMCSA, respectively.
Jones Intercable, Inc. (www.jic.com) is principally involved in the development,
management and operation of broadband cable networks serving more than 1.0
million customers. On April 7, 1999, Comcast Corporation completed the
acquisition of a controlling interest in Jones Intercable, Inc. As a result,
Jones Intercable is now a consolidated public company subsidiary of Comcast
Cable Communications, Inc., an indirect consolidated subsidiary of Comcast
Corporation.
Jones Intercable's Common Stock and Class A Common Stock are traded on The
Nasdaq Stock Market under the symbols JOIN and JOINA, respectively.
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