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Excite@Home (Nasdaq: ATHM) rose 7/8 to 14 7/16 Thursday following news that Cablevision Systems Corp. (NYSE: CVC) agreed to drop claims against the company and cable partners AT&T Corp. (NYSE: T), Cox Communications and Comcast.
As part of the settlement, Cablevision agreed to the extension of Excite@Home's distribution agreements with the three cable companies and the restructuring of the company's board of directors.
The agreement reportedly gives AT&T the right to buy Comcast and Cox's Excite@Home shares, boosting AT&T's stake in the portal company to 74 percent from 56 percent.
