Southwestern Bell Corp. and Cox Cable Communications yesterday became the latest telephone and cable company duet with news of a $4.9 billion partnership.

"[Cable issues] have already been up to nosebleed levels, and this just solidifies the bid at very expensive levels," one high-yield trader said.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.