Jones to pay $223 million for Albuquerque cable TV system

Abstract

Jones Intercable Inc. has entered into an agreement to pay nearly $223 million for an Albuquerque, New Mexico, cable TV system now run by a venture of 3 partnerships of which Jones is the general partner.

Jones Intercable, Inc., has entered into an agreement to pay nearly $223 million for an Albuquerque, N.M., cable TV system now run by a venture of three partnerships of which Jones is the general partner. James O'Brien, President of Jones Intercable, said the acquisition "is yet another step toward our goal of becoming an ownedasset company, rather than primarily a management company." He said the Albuquerque system fits with Jones' suburban cluster of systems in the area.

The Albuquerque system has about 112,800 customers, so the price is around the industry average of $2,000 per subscriber. The transaction is expected to close in the first quarter of 1998, Jones said, but is subject to a number of conditions, including approval by all three partnerships of the venture (CableTV Fund 12-BCDVenture).