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Time Warner, Comcast to Buy Bankrupt Cable Firm Adelphia for $18 Billion

Authored by Mark Hefflinger on April 8, 2005 - 3:14am.
New York -- Reuters reported on Friday that Comcast, the nation's largest cable TV operator, and partner Time Warner have reached an agreement to purchase bankrupt cable TV operator Adelphia Communications for about $18 billion, citing a source familiar with the matter. The deal was reportedly approved late Thursday, and calls for Time Warner to contribute a large percentage while Comcast provides around $2 billion in cash for Adelphia, which counts 5.3 million subscribers. The joint Time Warner-Comcast bid would better a rival bid from fellow cable TV operator Cablevision, which offered $16.5 billion for Adelphia, a source told Reuters. Adelphia filed for bankruptcy in 2002, amid an accounting scandal that resulted in fraud and conspiracy convictions for several members of the company's founding Rigas family.
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tags: Comcast | Cable | Adelphia | Time Warner |



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