One company that is definitely laughing all the way to Fort Knox is Boston Globe publisher Affiliated Publications Inc: Affiliated invested $6m in McCaw a few years back when its business was the rather less glamourous – in investment terms – cable television operations. McCaw sold its cable TV interests to raise the money to invest in cellular communications franchises, Affiliated pumped in some $50m along the way – and it still has a stake of about 45% in the parent, privately-held McCaw Communications Cos. That gives it almost half of the 90% of McCaw Cellular the parent will retain, and values its $60m punt at $1,340m – or $38 an Affiliated share which currently trades at $77.50.
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