Comcast, Cox May Sell AT&T; Stake

Cox Communications Inc. and Comcast Corp., two of the top five U.S. cable-television companies, may sell stakes in AT&T; Corp. and @Home Corp. valued at $3.66 billion as they shed non-cable investments.

Comcast spokeswoman Marlene Dooner and Dallas Clement, Cox’s senior vice president, said there are no immediate plans to sell the stakes.

The companies agreed Friday to get shares of AT&T; and to cancel a March 2000 plan to sell shares in @Home, an Internet-service provider, to AT&T.;

The two cable operators already owned 60 million @Home shares worth $236.4 million as of Friday’s close, and under last year’s accord they were going to sell them to AT&T; for $48 a share.

That plan was canceled Friday because @Home’s shares have plunged 90% since that agreement. Cox and Comcast now could sell the stakes to other investors.

Cox and Comcast also will get 155 million AT&T; shares valued at $3.43 billion, providing a tax benefit to New York-based AT&T;, the No. 1 U.S. cable company.

AT&T; spokeswoman Eileen Connolly, who on Friday declined to say how much AT&T; could save in taxes under the new agreement, wasn’t immediately available today.

The Comcast and Cox officials said in separate interviews they may sell those stakes along with investments in wireless provider Sprint PCS and other investments they consider “financial,� not strategic.

“We’ll look at it as a financial investment, and try to be opportunistic,� said Cox’s Clement. “Where we make the most money for our shareholders is as an operating company.�

Shares of @Home rose 39 cents to $4.33. They have lost 78% in the last year.

AT&T; fell 19 cents to $21.91, and have fallen 39% in the last year.

Special Class A Comcast shares fell 54 cents to $43.82, and Cox fell 80 cents to $43.40.

AT&T; already controls @Home, the nation’s largest provider of Web service over cable lines. @Home won’t be affected by any change in ownership, said Alison Bowman, a spokeswoman for the Redwood City, Calif.-based company.

An official with AT&T; didn’t immediately return a call seeking comment.

Comcast, based in Philadelphia, is the No. 3 U.S. cable provider, while Atlanta-based Cox is No. 5.