@Home Network Supported by Three of Cable's Industry Leaders
Comcast and Cox join TCI and KPCB as investors in the Company
Mountain View, California -- June 5, 1996 -- The At Home Corporation, (@Home)
today announced the addition of Comcast Corporation and Cox Communications, Inc.
as strategic investors, joining Tele-Communications, Inc. (TCI) and Kleiner Perkins
Caufield & Byers (KPCB). Comcast, Cox and KPCB will each own approximately 14% of
the equity in @Home and TCI will own approximately 45%. In connection with the transaction,
both TCI and KPCB have agreed to make additional investments in the company. Representatives
from both Comcast and Cox will join the @Home Board of Directors.
Cox and Comcast are committing their substantial cable distribution to the universe of customers available to the @Home Network. With TCI, the combination of these leading cable providers reaches approximately 40% of U.S. households.
"The addition of Cox and Comcast as investors represents a milestone in the development of the @Home Network," says Will Hearst, CEO of @Home. "The participation and support of several of cable's leading MSOs demonstrates a strong cross-industry interest in the @Home services, and encourages our belief that @Home creates value for cable operators and customers."
"We are very pleased to be a part of the @Home team, actively participating in providing this new differentiated service to our customers," said Brian L. Roberts, president of Comcast Corporation. "We believe the delivery of high speed connection to the Internet is one of the most exciting near-term opportunities for cable companies, given our unique broadband platform. @Home will provide a strategic advantage to cable operators in delivering interactive services to customers."
"As we continue to propel ourselves forward in new telecommunications technologies, speed and service are key factors in online activity." said David Woodrow, senior vice president, Broadband Services, Cox Communications, Inc. "The @Home Network provides both via the power of cable, and we are excited to be part of the success of this service. This is a new business opportunity and we look forward to playing a key role in its success."
"We are pleased to be partners again with our good friends at Cox and Comcast," said Bruce Ravenel, president and CEO of TCI Internet Services, Inc. "The ability of these companies to pull together on this project represents a key element of our competitive strategy."
The @Home Network distributes high-speed interactive content to the home and workplace over the cable industry's hybrid-fiber coaxial distribution architecture. The @Home package includes a high-speed cable modem; 24-hour-a-day unlimited access to the Internet; electronic mail and chat; an Internet guide designed by @Home, featuring a menu of local community content, in addition to the vast Internet content already available.
The service will provide customers with an experience enhanced by rich graphics, CD-quality audio and real-time video. The @Home Network architecture is based on a global distribution network which delivers reliable, secure data transmissions. Testing is underway in the San Francisco Bay Area and @Home expects to be commercially available in markets later this year.
Based in Mountain View, California, the At Home Corporation was formed in 1995 by Tele-Communications, Inc. and Kleiner Perkins Caufield & Byers. The CEO of the corporation is William R. Hearst III.
Comcast Corporation is principally engaged in the development, management and operation of wired telecommunications including cable television and telephone services; wireless telecommunications including cellular, personal communications services and direct to home satellite television; and content through principal ownership of QVC, the world's premier electronic retailer, and other programming investments. The Company's consolidated and affiliated operations serve over nine million customers worldwide. Comcast's Class A and Class A Special Common Stock are traded on the Nasdaq Stock Market under the symbols CMCSA and CMCSK, respectively.
Cox Communications, Inc., (NYSE:COX) is the nation's fifth largest multiple system operator, serving 3.2 million customers. Cox is a fully integrated, diversified broadband communications company with interests in domestic and international cable distribution systems, programming networks, and telecommunications technology. More information on Cox Communications can be found on the Internet at www.cox.com.
Tele-Communications, Inc. is traded through TCI Group and the Liberty Media Group Common Stocks. TCI Group is traded on The Nasdaq National Market through its Series A and Series B TCI Group Common Stock, under the symbols TCOMA and TCOMB, respectively. Liberty Media Group is traded with Series A and Series B Common Stock, under the symbols LBTYA and LBTYB, respectively. TCI Group is a majority stockholder in Tele-Communications International, Inc., which is traded under the symbol TINTA. TCI Communications, Inc., the Company's domestic communications subsidiary, trades its Cumulative Exchangeable Preferred Stock, Series A on The Nasdaq National Market under the symbol TCICP and its Trust Originated Preferred Securities ("TOPrS") trades on the New York Stock Exchange under the symbol TFI/pr.
Based in Mountain View, CA, the At Home Corporation was formed in 1995. Investors in the company include Tele-Communications Inc. (TCI), Comcast Corporation, Cox Communications, and Kleiner Perkins Caufield & Byers. The company distributes high-speed interactive services to residences, businesses and schools using the cable industry's hybrid-fiber coaxial distribution architecture.