-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KWvr6Ob/uc9jcJyfbCAibwu4SMefQ9L5JdFyX7sUCZYXYopst0kp8RXv2vfQQDVM TqxV9broNnnNovDYup3J5Q== 0000732718-96-000035.txt : 19961203 0000732718-96-000035.hdr.sgml : 19961203 ACCESSION NUMBER: 0000732718-96-000035 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961007 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19961007 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: US WEST INC CENTRAL INDEX KEY: 0000732718 STANDARD INDUSTRIAL CLASSIFICATION: 4813 IRS NUMBER: 840926774 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08611 FILM NUMBER: 96640386 BUSINESS ADDRESS: STREET 1: 7800 E ORCHARD RD STREET 2: SUITE 480 CITY: ENGLEWOOD STATE: CO ZIP: 80111 BUSINESS PHONE: 3037936629 MAIL ADDRESS: STREET 1: 7800 EAST ORCHARD ROAD STREET 2: SUITE 480 CITY: ENGLEWOOD STATE: CO ZIP: 80111 8-K 1 USW MEDIA/CONTINENTAL CABLEVISION MERGER 2 8K10796.DOC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 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): October 7, 1996 U S WEST, Inc. (Exact name of registrant as specified in its charter)
A Delaware Corporation Commission File IRS Employer Identification (State of incorporation) Number 1-8611 No. 84-0926774
7800 East Orchard Road, Englewood, Colorado 80111 (Address of principal executive offices) Telephone Number (303) 793-6500 (Registrant's telephone number, including area code) Item 5. Other Events U S WEST, Inc. issued a press release regarding the closing date for the merger of U S WEST Media Group and Continental Cablevision in the form attached hereto as Exhibit 99. Item 7. Exhibits Exhibit Description 99 Press Release issued October 7, 1996 entitled "U S WEST Media Group and Continental Cablevision Near Closing Date for Merger." SIGNATURE 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 hereunto duly authorized. U S WEST, Inc. /s/ STEPHEN E. BRILZ By:___________________________ Stephen E. Brilz Assistant Secretary Dated: October 7, 1996
EX-99 2 PRESS RELEASE 1 EXHIBIT 99
Release Date: October 7, 1996 Contacts: Steve Lang Rob Stoddard U S WEST Continental Cablevision 303-793-6290 617-854-3138
U S WEST MEDIA GROUP AND CONTINENTAL CABLEVISION NEAR CLOSING DATE FOR MERGER - Companies agree to price of U S WEST shares to be used - U S WEST Media Group (NYSE: UMG) and Continental Cablevision have resolved remaining financial issues and expect to close their merger by the end of November, the companies said today. The two companies have agreed that each share of U S WEST Media Group stock used in the transaction will be valued by Continental at $21. The deal remains the same in all other significant respects. "We're pleased to get on with this merger," said Richard McCormick, chairman and CEO of U S WEST, Inc. "It's an important step in our strategy to become a world leader in the delivery of integrated information, entertainment and communications services." Amos B. Hostetter, Jr., chairman and CEO of Continental, said, "This merger is clearly the right thing for our business and now is the time to do it. The combined resources of Media Group and Continental will create a powerhouse in the emerging communications, entertainment and information markets. We're prepared to proceed with the $21 price because, in our view, the stock is currently undervalued by the market." Chuck Lillis, president and CEO of Media Group, said, "I have called our Continental merger a 'defining moment' for Media Group, because cable now represents 65 percent of our business. Since beginning our strategy more than four years ago, we have gained access to 26 million homes in the U.S. and another 13 million abroad. And our footprint is highly clustered in the premier large markets." (More) 2 The companies said setting a fixed price for the U S WEST Media Group shares recognizes two important things. First, even though cable stocks have been trading lower since the merger was announced, the relative value of the two companies hasn't changed. Second, both companies remain fiercely committed to networks that can deliver customized packages of interactive entertainment, communications and information services, and are eager to work together to deploy them. Under the initial merger agreement, the transaction was based on a U S WEST Media Group share price of between $20.88 and $28.18. Media Group shares closed Friday at $16-7/8. The $5.3 billion equity portion of the merger agreement calls for consideration of $1 billion in U S WEST preferred stock, convertible to Media Group common stock; and, at U S WEST's option, between $1 billion and $1.5 billion in cash, and $2.8 billion to $3.3 billion in shares of U S WEST Media Group common. With the price fixed at $21, this means between 133 million and 157 million shares will be used. As of the end of the second quarter, Media Group had 474 million shares outstanding. The convertible securities also will be priced based on a $21 value for U S WEST Media Group common. In addition to agreeing on financial terms, the two companies also said they have received approval for the merger from franchise authorities representing more than 90 percent of Continental's customers, and expect to receive additional approvals before closing. Finally, the companies are optimistic they will receive required Federal Communications Commission and U.S. Department of Justice approvals. Continental Cablevision, Inc., the nation's third-largest broadband telecommunications company, serves more than 4.2 million customers in 20 states and is part owner of companies providing cable television service in Argentina and Singapore, and broadband communication services in Australia. The U S WEST Media Group (NYSE: UMG) is involved in domestic and international cable and telephony, wireless communications, and directory and information services. For 1995, U S WEST Media Group reported proportionate revenues of $5.1 billion. Media Group is one of two major groups that make up U S WEST, a company in the connections business, helping customers share information, entertainment and communications services in local markets worldwide. U S WEST's other major group, U S WEST Communications, provides telecommunications services to more than 25 million customers in 14 western and midwestern states. ###
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