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         Time Warner Inc., "aggressively pursuing its 'cable
    clustering' strategy agreed to acquire the KBLCOM unit of Houston
    Industries Inc. for $1 billion in stock and the assumption of
    $1.24 billion in debt."  The purchase would give Time Warner 10
    million cable subscribers, bringing it closer to TCI's 11
    million.  "Equally important, it would give the company
    substantial blocks of new customers in areas it already serves
    and move it closer than ever to an all-out battle with telephone
    companies" (Collier & Klein, BLOOMBERG BUSINESS NEWS/BOSTON
    GLOBE, 1/28).  In addition, Time Warner will buy the remaining
    50% interest in Paragon Communications, a joint venture with
    KBLCOM.  Paragon has 967,000 subscribers in New York.  In NYC,
    Time Warner is now "set to go head-to-head with NYNEX Corp. for
    multimedia clients" (L.A. TIMES, 1/28).  Time Warner CEO Gerald
    Levin called his company "the best-positioned cable operator,"
    with 3/4 of their customers in 30 large groupings of more than
    100,000 customers (Glenn Collins, N.Y. TIMES, 1/28).

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