American Cablesystems agreed to be acquired by...

American Cablesystems agreed to be acquired by Continental Cablevision for about $482 million. Continental, the nation’s third-largest cable operator, will acquire American Cablesystem’s 10.4 million Class A and B shares for $46.50 a share and assume about $250 million in debt. American Cablesystems, which is based in Beverly, Mass., has about 550,000 basic subscribers in California, Florida, Illinois, Massachusetts and New York. Last month, it increased its presence in the lucrative Los Angeles market by acquiring the systems of CommuniCom Inc. for about $87 million.