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Adelphia Closes $12.5 Billion Asset Sale to Comcast, Time Warner Cable

Authored by Mark Hefflinger on August 1, 2006 - 5:12pm.
Greenwood Village, Calif. - Bankrupt cable TV provider Adelphia announced on Tuesday that it has completed the sale of its assets to Time Warner Cable and Comcast for a combined $12.5 billion in cash, and about 16% of Time Warner Cable equity. The company's 4.8 million customers will now be distributed between Time Warner Cable and Comcast. "We should take this opportunity to thank Adelphia's employees who had the faith to endure through four years of uncertainty and whose hard work significantly increased values to our creditors and delivered much-improved cable systems to our buyers," said Adelphia chairman and CEO William Schleyer.
 
http://biz.yahoo.com/prnews/060731/lam109.html?.v=40
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tags: Investing | Comcast | Cable | Time Warner Cable | Adelphia | Asset Sales | Bankruptcies |



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