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Blind channel identification and equalization have attracted a great deal of attention due to their potential application in mobile communications and digital TV systems. In this paper, we present a new algorithm that utilizes second-order statistics for multichannel parameter estimation. The algorithm is simple and relies on an outer-product decomposition. Its implementation requires no adjustment for single- or multiple-user systems. This new algorithm can be viewed as a generalization of a linear prediction algorithm. It is capable of generating more accurate channel estimates and is more robust to overmodeling errors in channel order estimates. The superior performance of this new algorithm is demonstrated through simulation examples.