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November 20, 2001
David Morris, GCI, (907) 265-5396 or dmorris@gci.com
FOR IMMEDIATE RELEASE
GCI CLOSES ACQUISITION TRANSACTION FOR ALASKA CABLE TV PROPERTIES
ANCHORAGE, AK - General Communication Inc. (GCI)
announced today that it has closed the transaction with Rogers
Cable Inc. to acquire 100 percent of the stock of Rogers American
Cablesystems, Inc., a cable TV provider in Alaska. The acquisition
is effective November 19, 2001.
"We believe this transaction will allow us to offer a broader
package of advanced services to our customers in the Mat-Su
Valley," said Riley Snell, GCI vice president and general manager
of cable and entertainment. "We have already made significant
progress in tying the networks together and have plans to invest
more than $3 million over the next two years to upgrade the plant
and significantly increase the products available to our
customers."
According to Snell, the newly acquired properties serve the
Palmer and Wasilla area, the state's fastest growing region. It
provides service to approximately 7,300 subscribers and passes more
than 10,000 homes. As a result of the transaction, GCI will have
approximately 130,000 basic subscribers and pass 191,000 homes, or
approximately 90 percent of the state's households.
The final purchase price of the transaction is $19 million.
Financing for the transaction was obtained through GCI's existing
credit facility.
The final closing required approval from the Regulatory
Commission of Alaska, which was granted on November 9, 2001.
Rogers Communications Inc. (Toronto: RCI.A and RCI.B; NYSE: RG)
is Canada's National communications company engaged in cellular,
Digital PCS, paging and data communications through Rogers AT&T
Wireless; in cable television, high-speed Internet access and video
retailing through Rogers Cable Inc., and in radio and television
broadcasting, tele-shopping, publishing and new media businesses
through Rogers Media Inc. Additional information on Rogers is
available at www.rogers.com.
GCI (NASDAQ:GNCMA) is an Alaska-based and operated company that
provides, local, wireless and long-distance telephone, cable
television, Internet and data communication services throughout
Alaska. More information about the company can be found at www.gci.com.
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