Cox Communications Inc. has agreed to swap its AT&T; stock valued at $2.8 billion for AT&T-owned; cable TV systems in seven states.
With the deal announced Wednesday, Cox also will get $750 million in other considerations, including cash. In exchange for its 50.3 million shares of AT&T; stock, Cox will get systems that serve 316,000 customers in Tulsa, Okla., and Baton Rouge, La.; AT&T;'s 20% stake in a partnership with TCA Cable that serves 62,000 customers in Texas, Louisiana and New Mexico; and Peak Cablevision, which has 117,000 customers in Oklahoma, Arkansas, Utah and Nevada.
AT&T; also just sold its 50% stake in cable company Bresnan Communications, which serves Wisconsin, Minnesota, Michigan and Nebraska.