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American Express And Warner in Deal

American Express And Warner in Deal
Credit...The New York Times Archives
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September 15, 1979, Page 26Buy Reprints
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The American Express Company said yesterday that it planned to acquire 50 percent of Warner Communications Inc.'s cable television business for $175 million.

By The Associated Press

The companies said that they had agreed in principle to the new arrangement. The jointly owned concern, to be known as Warner‐Amex Cable Communications Inc., would establish a $250 million line of credit for further expansion of its cable TV operations.

Warner is one of the biggest participants in the cable industry. Its operations include the QUBE system in Columbus, Ohio.

The companies said that they expected to complete the transaction later this year, pending regulatory approval and a definitive agreement.

The parent companies will share representation on the new concern's board. Gustave M. Hauser, chairman and chief executive officer of the Warner Cable Corporation, will serve in that capacity for the new company.

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