Atlanta -- Cox Communications Inc. has closed its
acquisition of the Las Vegas residential and hotel units owned by Prime South Diversified
Inc., Cox said last Thursday.
In a deal valued at $1.325 billion, Cox bought Community
Cable TV, the system serving Las Vegas; Hospital Network Inc., a provider of
resort-hotel-room video-entertainment and interactive services in Las Vegas and other
cities; a 33 percent interest in Las Vegas 1, a 24-hour TV-news operation; and stakes in
other PSDI investments.
The Las Vegas system is in the midst of an upgrade to 750
megahertz. Prior to closing, Cox negotiated new 10-year franchises, with two five-year
renewals, from the five involved local governments. Cox said it plans to introduce a new
senior-citizen discount on cable programming as part of the agreements.
Cox bought the holdings from Prime Cable of Austin, Texas,
and the Greenspun family of Las Vegas. The Greenspuns will retain about a 20 percent
interest. Daniels & Associates represented the sellers.
Cox now has 1.8 million customers in the Southwest and Far
West, including clusters in Phoenix and in San Diego, Orange County, Bakersfield and Santa