ACQUISITIONS AND OTHER SIGNIFICANT EVENTS Sample Clauses

ACQUISITIONS AND OTHER SIGNIFICANT EVENTS. Sale of Comcast UK Cable On February 4, 1998, Comcast UK Cable, a consolidated subsidiary of the Company, entered into a definitive agreement to be acquired by NTL Incorporated ("NTL"), an alternative telecommunications company in the UK. Pursuant to certain conditions, the Company is expected to receive 4.8 million shares of NTL common stock in exchange for all of the shares of Comcast UK Cable held by the Company (the "NTL Transaction"). Based on the closing price of the NTL common stock on February 4, 1998 of $32.00 per share, the Company is expected to recognize a pre-tax gain of $81.4 million upon closing of the NTL Transaction. Certain conditions agreed to in the NTL Transaction restrict the Company's ability to sell the NTL common stock to be received for a period of 180 days after the closing of the NTL Transaction. The NTL Transaction is expected to close in 1998, subject to the receipt of necessary regulatory and shareholder approvals, the consent of the bondholders of Comcast UK Cable and NTL, as well as the consent of certain NTL bank lenders. As of December 31, 1997 and for the year then ended, the assets and revenues of Comcast UK Cable totaled $736.0 million and $93.3 million, respectively. AT&T Acquisition of TCGI On January 8, 1998, AT&T Corporation ("AT&T") entered into a definitive merger agreement with Teleport Communications Group, Inc. ("TCGI"). Upon closing of the merger (the "AT&T Transaction"), the Company is expected to receive 24.2 million shares of AT&T common stock in exchange for all of the shares of TCGI held by the Company (see Note 4). Based on the closing price of the AT&T common stock on January 30, 1998 of $62.625 per share, the Company is expected to recognize a pre-tax gain of approximately $1.390 billion upon closing of the AT&T Transaction. Certain conditions agreed to in the AT&T Transaction restrict the Company's ability to sell the AT&T common stock to be received for a period of between 45 to 135 days after the closing of the AT&T Transaction. The AT&T Transaction is expected to close in 1998, subject to receipt of necessary regulatory and shareholder approvals. E! Entertainment On March 31, 1997, the Company, through Comcast Entertainment Holdings LLC (the "LLC"), which is owned 50.1% by the Company and 49.9% by The Xxxx Disney Company ("Disney"), purchased a 58.4% interest in E! Entertainment from Time Warner for $321.9 million (the "E! Acquisition"). The E! Acquisition was funded by cash contributions to the L...
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