Comcast Acquires New Jersey Cable Systems

PHILADELPHIA, April 3: Comcast Corporation is acquiring the
cable systems owned and operated by Patriot Media & Communications, serving
about 81,000 video subscribers in New Jersey, for $483 million in cash.

Comcast is acquiring the privately owned systems from Steven
J. Simmons, Spectrum Equity Investors and Spire Capital. The deal gives Comcast
control of systems in central New Jersey, including Princeton, and other
operations in Somerset, Hunterdon, Morris and Mercer counties, which are
contiguous to Comcast systems in Monmouth, Ocean, Trenton and Northwest New
Jersey. The transaction remains subject to regulatory approvals and other
customary closing conditions, and the parties anticipate that the transaction
will close in the third quarter of this year.

"Patriot Media systems are fully upgraded, have
superior demographics, strong penetration of advanced products and best of all
they geographically complement our systems in New Jersey," said Stephen B.
Burke, Comcast’s COO and the president of Comcast Cable. "We are delighted
at the prospect of adding these new customers to Comcast in the near future and
look forward to providing them with our advanced products and services."