Sale cuts debt by $1.5 billion

No. 3 cabler MediaOne Group Inc., known until earlier this month as US West Media Group, will reduce debt by $1.5 billion through the sale of bonds convertible into part of its stake in cell phone operator AirTouch Communications, MediaOne said Monday.

MediaOne received the stake in AirTouch as a result of the sale of its cell phone interests to AirTouch. MediaOne stock closed unchanged at $45.56.

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