Charter Communications Inc. chairman and Microsoft Corp. cofounder Paul Allen
has agreed to sell the remainder of his holdings in USA Networks Inc. in various
transactions for a total of $568.7 million.
According to a Securities and Exchange Commission filing, Allen has agreed to
sell 19.95 million shares of USA stock to various private parties for $28.50 per
share. The filing stated that the sale is expected to close on or before May
Previously, Allen had sold 10 million shares of USA stock for prices between
$20 and $25.41 in separate transactions last November and August.
Allen acquired his initial interest in USA -- about 14.5 million shares --
after selling the company his holdings in Ticketmaster Group Inc. for $235.8
million in stock in 1997.