SBC to Buy Comcast’s Cellular Unit

SBC Communications Inc. said it agreed to buy the cellular telephone operations of cable TV operator Comcast Corp. for $400 million in cash. The acquisition of Comcast Cellular Corp. rounds out SBC’s wireless operations in the heavily populated Northeast. San Antonio-based SBC is already the third-largest U.S. wireless provider, serving more than 6.5 million customers in 16 states and the District of Columbia. With its planned acquisition of Ameritech Corp., it would have about 10 million customers, offering wireless service in nine of the top 10 U.S. markets. SBC shares fell 50 cents to close at $58.50 on the New York Stock Exchange. Shares of Philadelphia-based Comcast rose 19 cents to $66.31 on Nasdaq.