Centel will sell cable unit stake

Investors applauded Centel Corp.'s announcement Wednesday tosell its majority stake in its cable TV subsidiary, after Wall Streetdetermined that a sale could fetch Chicago-based Centel more than $1billion.

Centel Corp. gained $4.37 1/2 to close at $48 a share on the NewYork Stock Exchange. The subsidiary, Centel Cable Television Co.,jumped a whopping $13.67 1/2 a share to close at $37.67 1/2 inover-the-counter trading after it was announced that Centel Corp.would sell its 82 percent stake in the unit.

Centel's move to exit the cable business was unexpected. Thecompany spun off an 18 percent stake in Centel Cable to the public inthe fall of 1987 and consistently …