SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): December 23, 1999
COMCAST CORPORATION
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(Exact name of registrant as specified in its charter)
Pennsylvania 0-6983 23-1709202
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(State or other (Commission file (IRS employer
jurisdiction of number) identification
incorporation) 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 December 23, 1999, Comcast Corporation ("Comcast") announced that it had
entered into a definitive agreement to acquire the 45% ownership interest in
cable operator Comcast MHCP Holdings, L.L.C., an indirect majority owned
subsidiary of Comcast, currently held by the California Public Employees'
Retirement System ("CalPERS"). The purchase price for CalPERS' ownership stake
is $750 million in cash. Closing of the transaction is subject to customary
conditions including receipt of applicable regulatory approvals. Closing is
expected in the first quarter of 2000.
A copy of Comcast's press release dated December 23, 1999 is filed herewith
as Exhibit 99.1 and is incorporated herein by reference.
ITEM 7. Financial Statements and Exhibits.
(c) Exhibits:
99.1 Press Release dated December 23, 1999.
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SIGNATURE
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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.
Dated: January 4, 2000 COMCAST CORPORATION
By: /s/ Joseph J. Euteneuer
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Joseph J. Euteneuer
Vice President and
Corporate Controller
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EXHIBIT INDEX
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99.1 Press Release dated December 23, 1999.
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FOR IMMEDIATE RELEASE
COMCAST TO ACQUIRE CALPERS' INTEREST IN JOINTLY OWNED CABLE PROPERTIES
Philadelphia, PA - December 23, 1999... Comcast Corporation today announced that
it has entered into a definitive agreement to acquire the 45% ownership interest
in cable operator Comcast MHCP Holdings, L.L.C. currently held by the California
Public Employees' Retirement System ("CalPERS"). The purchase price for CalPERS'
ownership stake is $750 million in cash. Comcast MHCP served approximately
642,000 cable subscribers as of September 30, 1999 across parts of Michigan, New
Jersey and Florida. The company was formed in December 1994 by Comcast (55%) and
CalPERS (45%) in order to purchase the domestic cable operations of Maclean
Hunter Limited and has been managed by Comcast since that time. The redemption
by an affiliate of Comcast will leave Comcast with 100% ownership of the entity.
Closing of the transaction is subject to customary conditions including receipt
of applicable regulatory approvals. Closing is expected in the first quarter of
2000.
Comcast Corporation (www.comcast.com [http://www.comcast.com] ) is principally
involved in the development, management and operation of broadband cable
networks and the provision of programming 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.
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