PHILADELPHIA, Aug. 3 /PRNewswire-FirstCall/ -- Comcast Corporation (NASDAQ:CMCSA) (NASDAQ:CMCSK) , the nation's leading provider of cable, entertainment and communications products and services, today announced that its 50/50 cable system partnership with Time Warner Cable -- Texas and Kansas City Partners L.P. -- will be dissolved in accordance with procedures contained in the partnership agreement. As a result of the split, Comcast will receive cable systems serving Houston, TX and Time Warner Cable will receive cable systems serving Kansas City, Southwest Texas and New Mexico.

By dissolving the partnership, Comcast will be able to convert its interest in the joint venture from a passive investment to direct ownership in cash-flow-generating cable systems.

With the receipt of the Houston cable systems, Comcast will gain subscribers in one of the fastest-growing markets in the U.S. As of June 30, 2006, the Houston systems passed 1.7 million homes and served approximately:

-- 790,000 basic video and 480,000 digital video subscribers
-- 430,000 high-speed Internet subscribers and
-- 90,000 digital voice customers.

For 2006, Comcast expects the Houston systems to generate approximately $325 million of Operating Cash Flow and require approximately $185 million of capital expenditures. Comcast will assume approximately $1.4 billion of third-party debt related to this transaction, including a $600 million payment to Time Warner Cable for debt owed by the joint venture.

Closing of the transaction is subject to customary government and other approvals and is expected to take place during the first quarter of 2007.