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EXHIBIT 99.1
[NEWS LOGO]
[CHARTER COMMUNICATIONS LOGO]
FOR IMMEDIATE RELEASE
CHARTER CLOSES ON ACQUISITION OF CABLEVISION'S
KALAMAZOO, MICH. CABLE SYSTEM
ST. LOUIS -- SEPT. 8, 2000 -- Charter Communications, Inc. (Nasdaq:
CHTR) and Cablevision Systems Corporation (NYSE: CVC) today announced completion
of the previously announced acquisition by Charter of Cablevision's Kalamazoo,
Michigan cable system. Charter issued approximately 11.2 million shares of
common stock for a closing consideration of $170.6 million. The acquisition
added approximately 48,600 customers located in Kalamazoo.
Jerry Kent, Charter's President and CEO said, "Kalamazoo is a strategic
acquisition for Charter, both operationally and technically. We've been steadily
increasing our presence in Michigan, and with the addition of Kalamazoo, we'll
serve more than 600,000 customers there, making it our second largest state in
terms of customers. Continued cost control achieved through headend
consolidation and economies of scale will benefit both our customers and our
shareholders. Our due diligence revealed a quality workforce in Kalamazoo and we
welcome them to the Charter team."
Cablevision's divestiture of their Kalamazoo system is in line with
their strategy to concentrate their efforts in the New York metropolitan area.
"We've been honored to serve the residents of Kalamazoo. We'll miss the region a
great deal and have every confidence that Charter will maintain our excellent
service as they deploy new products in Kalamazoo," said James L. Dolan,
president and CEO of Cablevision.
Waller Capital advised Cablevision in connection with this transaction.
-more-
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CHARTER, PAGE TWO...
With 6.3 million customers, Charter Communications, a Wired World(TM)
company, is among the nation's largest broadband communications companies.
Charter offers an array of advanced broadband services, including cable
television under the Charter Cable TV brand; advanced digital video programming
services under the Charter Digital Cable(TM) brand; and high-speed Internet
access via Charter Pipeline (TM). Charter's Class A common stock is traded on
the Nasdaq National Market under the ticker symbol "CHTR." More information
about Charter can be found on the Internet at www.chartercom.com.
Cablevision Systems Corporation is one of the nation's leading
entertainment and telecommunications companies. Its cable television operations
serve more than 3.4 million subscribers located primarily in the New York
metropolitan area. The company's advanced telecommunications offerings include
its Lightpath commercial telephone service and its Optimum-branded high-speed
Internet service. Cablevision's Rainbow Media Holdings, Inc. subsidiary operates
entertainment businesses, including Madison Square Garden and its sports teams,
American Movie Classics, Bravo, FOX Sports Net, Radio City Entertainment and
Radio City Music Hall. The company also owns and operates THE WIZ consumer
electronics stores and Clearview Cinemas in the New York metropolitan area.
Information about Cablevision Systems Corporation is available on the Web at
www.cablevision.com.
Statements in this press release regarding Charter Communications' business that
are not historical facts may be "forward-looking statements." Forward-looking
statements are inherently subject to risks, uncertainties and assumptions.
Important factors that could cause actual results to differ materially from any
such forward-looking statements are identified in the reports and documents
Charter files from time to time with the U.S. Securities and Exchange
Commission.
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CONTACTS:
Charter Communications
Media Analysts
Anita Lamont Mary Jo Moehle
314-543-2215 314-543-2397
[email protected] [email protected]
Cablevision
Samantha I. Lugo
516-803-2351
