Bids coming in for cable system

Tuesday, Sept. 11, 2001 | 9:38 a.m.

THE ASSOCIATED PRESS

NEW YORK -- AT&T has received at least two more offers for its cable television unit -- the largest in the country -- and anticipates receiving more before the company's board meets later this month.

The board, which is scheduled to meet at the end of next week, will decide which proposals are most promising and is expected to narrow the list in preparation for further negotiations, said a source close to the situation who spoke on condition of anonymity.

The Wall Street Journal, citing unnamed sources, said AOL has proposed merging AT&T Broadband with its Time Warner Entertainment unit.

The move had been expected for weeks by experts, who also predicted other suitors would submit offers.

AT&T spokeswoman Eileen Connolly declined to comment. AOL Time Warner spokesman Nicholas Graham said his company does not comment "on market rumors or speculation."

The scramble to stitch together offers for AT&T's cable business started in July, when Philadelphia-based Comcast Corp. made a $41 billion unsolicited stock swap bid that was rejected by AT&T as too low.