<PAGE> 9
RECENT EVENTS
RECENT ACQUISITIONS
In the second, third and fourth quarters of 1999, we completed eight
acquisitions of cable systems. One of these acquisitions included the exchange
of certain of our cable systems and a commitment to transfer an additional cable
system. The combined fair market value of these systems is $0.4 billion. For the
year ended December 31, 1998, the systems we acquired had revenues of
approximately $527.7 million. The following table is a breakdown of our recent
acquisitions:
<TABLE>
<CAPTION>
AS OF AND FOR
THE SIX MONTHS ENDED
PURCHASE PRICE JUNE 30, 1999
(INCLUDING --------------------------
ACQUISITION ASSUMED DEBT) REVENUE
RECENT ACQUISITIONS CLOSING DATE (IN MILLIONS) CUSTOMERS (IN THOUSANDS)
------------------- ------------ ------------------ --------- --------------
<S> <C> <C> <C> <C>
Renaissance Media Group LLC............. 4/99 $ 459 129,000 $ 30,807
American Cable Entertainment, LLC....... 5/99 240 69,000 17,958
Cable systems of Greater Media
Cablevision, Inc. .................... 6/99 500 175,000 42,348
Helicon Partners I, L.P. and
affiliates............................ 7/99 550 173,000 42,956
Vista Broadband Communications,
L.L.C................................. 7/99 126 28,000 7,101
Cable system of Cable Satellite of South
Miami, Inc............................ 8/99 22 9,000 2,056
Rifkin Acquisition Partners, L.L.L.P.
and InterLink Communications Partners,
LLLP.................................. 9/99 1,460 461,000 105,592
Cable systems of InterMedia
Capital Partners IV, L.P., 904+ 412,000
InterMedia Partners system swap (144,000)(a)
---------
and affiliates........................ 10/99 268,000 100,644
----------- --------- --------
Total................................. $4,261 1,312,000 $349,462
=========== ========= ========
</TABLE>
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(a) Represents the number of customers served by cable systems that we agreed to
transfer to InterMedia in connection with the InterMedia acquisition. This
number includes 30,000 customers served by an Indiana cable system that we
did not transfer at the time of the InterMedia closing because some of the
necessary regulatory approvals were still pending. We are obligated to
transfer this system to InterMedia upon receipt of regulatory approvals. See
"Business -- Acquisitions".
PENDING ACQUISITIONS
In addition to the recent acquisitions described above, since the beginning
of 1999, we have entered into agreements to acquire additional cable systems.
For the year ended
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