UNITED PAN EUROPE COMMUNICATIONS NV
8-K, EX-99.2, 2000-07-12
CABLE & OTHER PAY TELEVISION SERVICES
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Exhibit 99.2

United Pan-Europe Communications NV (ticker: UPCOY, exchange: Nasdaq) News
Release - Monday, 26 June 2000
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UPC To Acquire 25% Economic Stake In Telewest

AMSTERDAM, 26 June 2000 - United Pan-Europe Communications N.V. ("UPC")
(AEX:UPC; NASDAQ: UPCOY) announced today that it will acquire a 25% economic
interest in Telewest Communications plc (NASDAQ:TWSTY; London Stock Exchange:
TWT), the second largest broadband communications provider in the United Kingdom
with approximately 4.7 million homes passed, 1.2 million cable subscribers and
1.7 million fixed line telephony subscribers.

Mark Schneider, Chairman and CEO of UPC, said: "We are extremely pleased to have
secured such an important economic stake in Telewest, a key player in the highly
attractive U.K. broadband market."

"We also look forward to working with Telewest management to explore broader
strategic relationships between our two companies."

The economic interest in Telewest will be acquired by UPC from its parent
company, UnitedGlobalCom ("United") (NASDAQ: UCOMA), as part of a series of
related transactions announced today by United and Liberty Media Corporation
("Liberty") (NYSE: LMG.A and LMG.B) whereby Liberty will contribute to United
its European and Latin American broadband assets in return for $ 200 million
cash and 75.3 million Class B Shares of United.

The Liberty broadband assets contributed to United will include a non-voting,
99% economic interest in a limited liability company (LLC) which holds 724.3
million ordinary shares of Telewest, representing approximately 25% of the total
issued share capital in Telewest. Subsequent to closing, United will contribute
the LLC interest to UPC in    exchange for 128.2 million shares of UPC,
increasing United's ownership in UPC from approximately 51% today to 61% on a
pro forma basis. The remaining 1% of the LLC and sole management power over the
LLC will be held by Liberty. UPC has a right to obtain this interest after
clearance of all appropriate regulatory and third party approvals.

Gene Schneider, Chairman and CEO of United, said, "This series of transactions
represents an important expansion of the UGC and UPC equity base while creating
a long-term relationship in one of the worlds most innovative telecommunications
and media companies. We are very pleased."

Closing of the transaction is subject to certain regulatory, shareholder and
third party approvals which the parties expect to complete early in the fourth
quarter.

Goldman Sachs International and UBS Warburg advised UPC on the transaction.

CS First Boston assisted Liberty on this transaction.

About Telewest:
Telewest is Britain's leading integrated broadband communications company.
Telewest's broadband cable networks now pass more than 4.7 million homes, with
more than 1.6 million households choosing Telewest for their multi-channel
television, telephone and Internet services.  In the business sector, Telewest's
voice and data communications links are used by over 58,000 companies and other
public and private sector organizations.Telewest recently acquired 100% of
Flextech plc which is a major supplier of video channels, Internet content and
interactive TV to cable, satellite and digital terrestrial platforms in the UK.
Flextech is the BBC's commercial pay TV partner and also provides management
services to Discovery.

About UPC:
Headquartered in Amsterdam, UPC is one of the most  innovative broadband
communications companies in Europe
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and owns and operates the largest pan-European group of broadband communication
networks. UPC provides cable television, telephony, high-speed Internet access
and programming services in eighteen countries across Europe and in Israel. As
of March 31, 2000, on an aggregate basis (pro-forma for announced acquisitions),
UPC's footprint reached 15.8 million franchised homes and 12.9 million homes
passed with approximately 8.4 million basic cable subscribers. In addition, UPC
systems had 271,400 residential telephony lines and 22,500 business telephony
lines as well as 176,800 residential Internet subscribers and 4,300 business
Internet subscribers. UPC is a consolidated subsidiary of Denver based
UnitedGlobalCom, Inc. ("United") (NASDAQ: "UCOMA") and Microsoft has an interest
of approximately 8.0% in UPC. UPC shares are traded on the Amsterdam Stock
Exchange ("UPC") and NASDAQ ("UPCOY").

Contacts: For UPC: Henrietta Hirst, Managing Director of Group Corporate
Communications, UPC Tel: +44 207 518 7996 Fax: +44 207 518 7981 Mobile: +44 788
074 2375.  Email: [email protected] or Ruth Pirie, Director of Investor
Relations, UPC Tel: +44 207 518 7980, Fax: +44 207 518 7981, Mobile: +44 778 841
7083, Email: [email protected] or Bert Holtkamp, Senior Manager Media
Relations, Mob: + 31 6 5538 0594, E-mail: [email protected]

NOTE: Senior management from United, UPC and Liberty will review  the
transactions in a conference call and web cast which will begin at 10:00 a.m.
(EDT), 4:00 p.m. (CET) Monday. The call can be accessed by dialing 888-781-9185
(U.S.) or 00-1-706-634-0612 (International) and by using the pass code #834054
at least 10 minutes prior to start time. Replays of the conference call can be
accessed approximately two hours following the call from June 26 to July 3, 2000
by dialing 800-642-1687 (U.S.) or 00-1-706-645-9291 (International) and by using
the pass code #834054. The web cast will be available through the "Investor
Relations" section of UnitedGlobalCom's web site located at
www.unitedglobal.com.

NOTE: Except for historical information contained herein, this news release
contains forward looking statements which involve certain risks and
uncertainties that could cause actual results to differ materially from those
expressed or implied by these statements. These forward looking statements
include consummation of planned acquisitions, launch of new services and other
statements concerning growth, as well as other factors detailed from time to
time in the companies' filings with the Securities and Exchange Commission.
NOTE: Goldman Sachs International, which is regulated in the UK by The
Securities and Futures Authority Limited, is acting for UPC in connection with
the transaction, and for no one else, and will not be responsible to anyone
other than UPC for providing the protections afforded to customers of Goldman
Sachs International or for providing advice in relation to the transaction or
for the content of this Press Release.


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