Sep 10, 2001 : AOL Makes AT&T Offer
📅 - AOL Time Warner Inc. (aol.com) has offered to merge AT&T Corp.'s (att.com) cable television business with its own cable and programming business, the Wall Street Journal Online said Sunday.
Quoting "people familiar with the situation," theJournal said AOL would hold a 40 percent interest inthe business and leave AT&T with majority control.
AT&T, which operates the largest cable company in theU.S., rejected Comcast Corp.'s unsolicited $40 billionstock swap for the business.
Talks between AT&T and AOL started in July, but nodeal was expected soon, according to the article.AT&T's board was expected to gather bids so itsoptions could be discussed later in the month.
Cox Communications Inc. has also been talking to AT&T,and remains interested, but it has not yet submitted aformal bid, the Wall Street Journal's sources said.
Liberty Media Corp. Chairman John Malone disclosed theAOL bid for AT&T at an investor conference on Friday,the paper said. Liberty Media is a significantshareholder of AOL Time Warner and Malone owns a largestake in AT&T.
"Our corporate policy is not to comment on marketrumors and speculation," Nicholas Graham, spokesmanfor AOL Time Warner, said.
Quoting "people familiar with the situation," theJournal said AOL would hold a 40 percent interest inthe business and leave AT&T with majority control.
AT&T, which operates the largest cable company in theU.S., rejected Comcast Corp.'s unsolicited $40 billionstock swap for the business.
Talks between AT&T and AOL started in July, but nodeal was expected soon, according to the article.AT&T's board was expected to gather bids so itsoptions could be discussed later in the month.
Cox Communications Inc. has also been talking to AT&T,and remains interested, but it has not yet submitted aformal bid, the Wall Street Journal's sources said.
Liberty Media Corp. Chairman John Malone disclosed theAOL bid for AT&T at an investor conference on Friday,the paper said. Liberty Media is a significantshareholder of AOL Time Warner and Malone owns a largestake in AT&T.
"Our corporate policy is not to comment on marketrumors and speculation," Nicholas Graham, spokesmanfor AOL Time Warner, said.
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