Filed by Comcast Corporation Pursuant to
Rule 425 under the Securities Act of
1933 and deemed filed pursuant to Rule
14a-12 under the Securities Exchange Act
of 1934
Subject Company: AT&T Corp.
Commission File No. 1-1105
Date: July 9, 2001
The following key events in Comcast history were posted on Comcast's
website:
COMCAST
KEY EVENTS IN COMCAST HISTORY
1963 Company founded by Ralph J. Roberts, Daniel Aaron and Julian A.
Brodsky with purchase of 1,200-subscriber cable system in Tupelo, MS.
1969 Company renamed Comcast Corporation from American Cable Systems and
incorporated in Pennsylvania.
1972 First public stock offering, stock traded on the NASDAQ Stock Market.
1986 Comcast doubled in size to 1,200,000 cable customers with the purchase
of 26% of Group W Cable.
1986 Comcast made a founding investment in QVC.
1988 Comcast purchased 50% of Storer Communications, Inc., raising the
number of Comcast subscribers to over 2 million and making Comcast the
fifth largest cable operator.
1988 Comcast entered the cellular telecommunications field with the
purchase of American Cellular Network Corporation (AMCELL), whose New
Jersey and Delaware service territory covered a population of 2
million.
1990 Brian L. Roberts elected President of Comcast Corporation.
1992 Comcast combined its AMCELL properties with those of Metrophone,
tripling the population area served to 7 million.
1994 Acquired Maclean Hunter's U.S. cable operations to add 550,000
customers and become the third largest cable operator with
approximately 3.3 million customers.
1995 Comcast purchased a 57% stake in QVC and assumed management of the
world's leading electronic retailer.
1995 Announced the acquisition of E.W. Scripps cable systems, adding
800,000 subscribers and bringing Comcast's customer total to 4.3
million.
1995 Brian L. Roberts named NCTA chairman.
1996 Comcast formed Comcast-Spectacor, a sports venture owning and
operating the NHL Philadelphia Flyers, the NBA Philadelphia 76ers, the
First Union Spectrum and the First Union Center. Announced the
formation of a regional sports channel, Comcast SportsNet.
1997 Microsoft invested $1 billion in Comcast.
1997 Comcast acquired a 40% controlling interest in E! Entertainment in a
partnership with Disney.
1998 Comcast Cable announced the acquisition of Jones Intercable, Inc. for
1.1 million additional customers.
1998 Comcast announced the acquisition of 406,000 subscribers from Prime
Communications.
1998 Comcast U.K. Cable Partners sold to NTL, Inc.
1999 Comcast Cellular sold to SBC Communications of San Antonio, TX for
$1.7 billion.
1999 Comcast acquired Greater Philadelphia Cablevision, Inc., a subsidiary
of Greater Media, Inc. serving 79,000 cable customers in Philadelphia.
1999 Comcast and MediaOne announced a $60 billion merger. When the merger
agreement was terminated, Comcast received a $1.5 billion termination
fee and announced an agreement to acquire 2 million AT&T subscribers.
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1999 Comcast Interactive Capital Group formed by Comcast veteran Julian A.
Brodsky to make technology and Internet related investments.
2000 Comcast completed the acquisition of Lenfest Communications, Inc.,
adding approximately 1.3 million cable subscribers.
2000 Comcast completed cable system swaps with Adelphia and AT&T, gaining
Adelphia customers in Florida, Indiana, Michigan, New Jersey, New
Mexico and Pennsylvania and AT&T customers in Florida, Michigan, New
Jersey, Pennsylvania and Washington, D.C.
2001 Comcast completed the acquisition of Home Team Sports and combined it
with Comcast SportsNet under a new division titled "Comcast Regional
Sports Television."
2001 Comcast completed the acquisition of select AT&T cable systems in six
states adding 595,000 customers.
2001 Comcast acquired an option to purchase Outdoor Life Network from Fox
Cable Networks.
2001 Comcast completed the acquisition of controlling interest in The Golf
Channel.
2001 Comcast completed the acquisition of 115,000 AT&T subscribers in
Baltimore, MD.
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Note: The following notice is included to meet certain legal requirements:
FORWARD-LOOKING STATEMENTS
This filing contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. In some cases, you can
identify those so-called "forward-looking statements" by words such as "may,"
"will," "should," "expects," "plans," "anticipates," "believes," "estimates,"
"predicts," "potential," or "continue," or the negative of those words and
other comparable words. Comcast Corporation ("Comcast") wishes to take
advantage of the "safe harbor" provided for by the Private Securities
Litigation Reform Act of 1995 and you are cautioned that actual events or
results may differ materially from the expectations expressed in such
forward-looking statements as a result of various factors, including risks and
uncertainties, many of which are beyond the control of Comcast. Factors that
could cause actual results to differ materially include, but are not limited
to: (1) the businesses of Comcast and AT&T Broadband may not be integrated
successfully or such integration may be more difficult, time-consuming or
costly than expected; (2) expected combination benefits from the transaction
may not be fully realized or realized within the expected time frame; (3)
revenues following the transaction may be lower than expected; (4) operating
costs, customer loss and business disruption, including, without limitation,
difficulties in maintaining relationships with employees, customers, clients or
suppliers, may be greater than expected following the transaction; (5) the
regulatory approvals required for the transaction may not be obtained on the
proposed terms or on the anticipated schedule; (6) the effects of legislative
and regulatory changes; (7) the potential for increased competition; (8)
technological changes; (9) the need to generate substantial growth in the
subscriber base by successfully launching, marketing and providing services in
identified markets; (10) pricing pressures which could affect demand for
Comcast's services; (11) Comcast's ability to expand its distribution; (12)
changes in labor, programming, equipment and capital costs; (13) Comcast's
continued ability to create or acquire programming and products that customers
will find attractive; (14) future acquisitions, strategic partnerships and
divestitures; (15) general business and economic conditions; and (16) other
risks described from time to time in Comcast's periodic reports filed with the
Securities and Exchange Commission (the "Commission").
ADDITIONAL INFORMATION
Subject to future developments, Comcast may file with the Commission (i) a
preliminary proxy statement for solicitation of proxies from the shareholders
of AT&T Corp. ("AT&T") in connection with AT&T's special meeting which is
scheduled to take place in September 2001 and (ii) a registration statement to
register the Comcast shares to be issued in the proposed transaction. Investors
and security holders are urged to read the proxy statement and registration
statement (when and if available) and any other relevant documents filed with
the Commission, as well as any amendments or supplements to those documents,
because they will contain important information. Investors and security holders
may obtain a free copy of the proxy statement and the registration statement
(when and if available) and other relevant documents at
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the Commission's Internet web site at www.sec.gov. The proxy statement and
registration statement (when and if available) and such other documents may
also be obtained free of charge from Comcast by directing such request to:
Comcast Corporation, 1500 Market Street, Philadelphia, Pennsylvania 19102-2148,
Attention: General Counsel.
Comcast, its directors and certain other Comcast employees and advisors
may be deemed to be "participants" in Comcast's solicitation of proxies from
AT&T's shareholders. A detailed list of the names, affiliations and interests
of the participants in the solicitation is contained in a filing made by
Comcast with the Commission pursuant to Rule 14a-12 on July 9, 2001.
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