Adelphia

Time Warner Cable Becomes Public Company

Authored by Mark Hefflinger on February 13, 2007 - 9:09am.

New York - Time Warner Inc. announced on Tuesday that Time Warner Cable has become a public company, as a result of Adelphia Communications' Chapter 11 plan having become effective today.

Time Warner Cable Files for $100 Million IPO

Authored by Mark Hefflinger on October 18, 2006 - 1:50pm.

New York - Time Warner Cable, the nation's second-largest cable TV provider behind Comcast, has filed for an initial public offering of $100 million. Bloomberg News reported the IPO may raise as much as $6.9 billion, with all proceeds going to creditors of the now defunct cable provider Adelphia, which Time Warner acquired in July together with Comcast for $16.7 billion in cash and Time Warner Cable stock. All told, Adelphia creditors have filed claims seeking a total of $3.98 trillion, which Adelphia has maintained exceeds its liability. Following the acquisition, Time Warner Cable became the largest cable TV provider in the New York and Los Angeles markets.

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.

Expo TV, Adelphia Let Local Advertisers Place VOD Ads

Authored by Mark Hefflinger on February 27, 2006 - 10:06am.

New York - Expo TV, a video-on-demand infomercial service, said on Monday that it has launched a new feature with cable TV provider Adelphia that lets local advertisers place ads on its service. Expo TV is available in over 4 million homes through cable TV providers Adelphia, Charter, Insight and Bresnan.

Cable TV Firm Adelphia Launches Digital Music Subscription Service

Authored by Mark Hefflinger on June 9, 2005 - 10:09am.

Greenwood Village, Colo. -- Adelphia, the nation's fifth-largest cable operator -- recently acquired jointly by Comcast and Time Warner Cable -- announced on Thursday the launch of an online music service for its high-speed Internet customers. The Adelphia Music subscription service offers unlimited streaming and downloading of 1.5 million tracks, provided by MusicNet, for $7.95 per month. While downloads under the plan are tethered to the PC, and will expire if a subscription lapses, the service also offers permanent downloads for an additional fee. Adelphia also launched a second subscription service, offering streamed Major League Baseball games, video clips from CNN.com and The Weather Channel, online games, printable greeting cards, and research tools from Encyclopedia Britannica. The Adelphia NetPak will cost subscribers an additional $9.95 per month. Adelphia said it partnered with Synacor to create the private-label music portal and NetPak service.

tags: Cable TV | Adelphia | Digital Music | Subscription Service |

Adelphia, Rigas Family Pay $715 Million to Settle SEC Fraud Case

Authored by Mark Hefflinger on April 26, 2005 - 7:13am.

Washington -- The U.S. Securities and Exchange Commission (SEC) announced that it and the U.S. Attorney's Office for the Southern District of New York have settled their civil action and criminal charges against the executives at bankrupt cable operator Adelphia, who will pay $715 million in compensation. The SEC called the fraud scandal involving Adelphia's founding Rigas family "one of the most extensive financial frauds ever to take place at a public company." Adelphia founder John J. Rigas and his three sons, Timothy, Michael and James, will also forfeit $1.5 billion in assets derived from the fraud, including their interests in certain cable properties. Adelphia, the nation's sixth-largest cable TV company, filed for bankruptcy in June 2002; last week, the company accepted a $17.6 billion buyout offer from Comcast, the nation's largest cable company, and partner Time Warner.

tags: Law | Adelphia | Rigas Family | SEC Fraud Case |

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.

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.

tags: Comcast | Cable | Adelphia | Time Warner |

Bankrupt Cable TV Firm Adelphia Expects Sale After Labor Day

Authored by Mark Hefflinger on August 6, 2004 - 3:25am.

New York -- Bankrupt cable TV operator Adelphia Communications announced on Friday that financial advisors appointed to manage the company's sale process have been in discussions with potential bidders and expect to start the sale process shortly after Labor Day. Adelphia, the nation's fifth-largest cable company, filed for Ch. 11 earlier this year after an accounting scandal involving the company's founding Rigas family led to eventual convictions on fraud and conspiracy charges. Fellow cable operators Time Warner, Comcast and Cox are reported to be the likeliest bidders for Adelphia, which claims 5 million subscribers in markets including Los Angeles.

tags: Cable TV | Adelphia | Bankrupt | Labor Day |

Bankrupt Cable TV Firm Adelphia to Seek Possible Sale of Company

Authored by Mark Hefflinger on April 22, 2004 - 3:42am.

New York -- Bankrupt cable TV operator Adelphia Communications announced on Thursday that it will explore a sale of the company in addition to a planned bankruptcy reorganization, after many shareholders voiced their opinion that creditors would gain more money through an outright sale of the company. Adelphia filed for bankruptcy in 2002 after an accounting scandal that resulted in the departure of founder and CEO John Rigas, who is now on trial on federal fraud charges. In addition to the sale and bankruptcy auction plans, Colorado-based Adelphia will also pursue approval of an $8.8 billion exit financing package, which supports a proposed plan for emergence as an independent company.

tags: Cable TV | Adelphia | Deal | Bankrupt |

MPAA Sues Bankrupt Cable TV Firm Adelphia Over Unpaid Royalties

Authored by Mark Hefflinger on December 15, 2003 - 5:08am.

Los Angeles -- The Motion Picture Association of America (MPAA) has sued bankrupt cable TV operator Adelphia and its directors for copyright infringement, claiming the company broadcast content owned by its member companies without having paid royalties associated with retransmission laid out in the Copyright Act. Saddled with over $7 billion in debt, Denver-based Adelphia declared bankruptcy in June 2002. The MPAA's suit alleges that Adelphia has not paid its requisite statutory license fees dating back to August 2002. "We would have loved to have not sued, but when payments aren't being made and, without dispute, were due to be made, our members felt they had no other choice but to use the courts," MPAA spokesman Rich Taylor told Reuters. The MPAA said it is also suing the officers and directors of Adelphia because they had the ability to control Adelphia's decision to infringe and received direct financial benefit from the infringement, and therefore are directly liable for copyright infringement.

tags: Cable TV | MPAA | Adelphia | Royalties |