Gates' personal personal investment firm, Cascade Investment LLC, bought 8.1 million shares of Cox, a major cable television and high-speed Internet provider, for $499.5 million on October 29, according to a filing Wednesday with the Securities and Exchange Commission.
The Bill and Melinda Gates Foundation purchased an additional 5.4 million shares the same day.
A spokesman for Cox Enterprises, Brian Farley, said the proceeds will be used to retire debt and put the company in position to pursue future growth opportunities.
Atlanta-based Cox Communications is the nation's fifth largest cable operator, with 6.2 million customers in 23 states.
Its parent, media company Cox Enterprises Incorporated, retains about 64 percent of the company. Cox Enterprises also operates radio and television stations, auto auctions and newspapers, including The Atlanta Journal-Constitution and Austin American-Statesman.
http://accesswdun.com/article/2002/1/199756