Comcast, Cox Opt For @Home Stock

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NEW YORK -Comcast Corp. and Cox Communications Inc. decided to take AT&T stock in exchange for $3 billion in put rights for Excite@Home Corp. shares.

Cox and Comcast will exchange 60 million Excite@Home shares for $2.9 billion in AT&T stock. Comcast and Cox had the right to sell that stock to AT&T under a deal cut last March. There has been speculation that debt-heavy AT&T would use cable systems as currency to buy the rights.