AT&T unit in $3 billion acquisition

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New York -- AT&T Corp.'s cable TV programming unit, Liberty Media Group, will buy Associated Group for $3 billion in stock and debt, giving it a nationwide wireless phone and Internet network. The acquisition is Liberty's latest move to get stakes in companies that seek to profit from the combination of television, computers, phone networks and the Internet. Pittsburgh-based Associated owns a 41% stake in Teligent, which provides Internet and local and long-distance phone services to businesses over a wireless network. Already this year, Liberty has announced more than $2.1 billion in acquisitions, buoyed by the $5.5 billion in cash the company received when AT&T bought Liberty parent Tele-Communications Inc. to use TCI's cable TV network to provide local phone services. (From Crain's New York Business.)
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