Cablevision Industries agreed to buy Wometco Cable...

Cablevision Industries agreed to buy Wometco Cable TV, a privately held firm affiliated with Robert M. Bass Group, in a tax-free stock swap. Before completing the deal, Wometco will spin off to current stockholders cable systems serving about 140,000 subscribers in the Atlanta suburbs. At closing, which is expected to occur Dec. 1, Wometco will serve about 311,000 basic subscribers in six Southern states. The transaction is subject to execution of a definitive agreement and to obtaining regulatory, bondholder and other consents. Privately owned Cablevision currently serves more than 530,000 subscribers in California and seven other states.