Comcast Sells AT&T; Shares to Salomon
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Cable giant Comcast Corp. said it sold a 42-million-share block of AT&T; Corp.--about half its position in the telecommunications company--to Salomon Smith Barney.
Comcast, which is planning to buy AT&T;’s cable business in a colossal merger this year, did not disclose the price of the shares.
The Philadelphia company previously told investors it anticipated selling assets, including its 83.5million AT&T; shares and half its stake in Sprint Corp., in order to maintain its investment-grade debt rating.
Shares of New York-based AT&T; fell 21 cents to $12.95 on the New York Stock Exchange.
Comcast shares closed at $29.85 on Nasdaq, off 23 cents.
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