Home › content

Comcast, Time Warner to Acquire Bankrupt Adelphia for $17.6 Billion

Authored by Mark Hefflinger on April 21, 2005 - 8:00am.
New York -- Confirming earlier reports of the deal, Comcast, the nation's largest cable TV operator, and partner Time Warner Cable announced on Thursday that they have acquired bankrupt cable firm Adelphia, for $17.6 billion in cash and stock. Comcast and Time Warner's bid topped a rival offer of $17.1 billion from fellow cable operator Cablevision. Adelphia's shareholders will receive $12.7 billion in cash and 16% ownership in a new company, comprised of Time Warner Cable and Adelphia, which will figure as the nation's second-largest cable operator and will be spun-off to become a publicly-traded company. As part of the deal, Comcast will redeem its interests in Time Warner Cable and Time Warner Entertainment, as well as swap certain cable systems with the company, and come out of the deal with an additional 1.8 million subscribers. Time Warner Cable will gain about 3.5 million subscribers from the deal, which is still subject to approval by Adelphia's bankruptcy judge and both federal and local regulators.
http://biz.yahoo.com/bw/050421/215338.html
http://biz.yahoo.com/ap/050421/adelphia_sale.html


tags: Comcast | Acquire | Adelphia | Time Warner | Acquisition |



Comments

Post new comment

The content of this field is kept private and will not be shown publicly.