Time Warner, Comcast Close Adelphia Deal
By Steve Donohue -- Multichannel News, 8/1/2006 6:53:00 PM
Time Warner Inc. and Comcast finally completed their acquisition of the bulk of Adelphia Communications’ assets for $12.5 billion in cash and 16% equity of Time Warner Cable Monday night.
Adelphia will soon cease as a cable brand, and its 4.8 million subscribers will be split between Time Warner and Comcast, strengthening their dominance in Los Angeles and other big markets.
Adelphia said almost 13,000 employees will transfer to Time Warner Cable and Comcast, but the company didn’t say which executives at its headquarters would stay or go.
While Adelphia is still working to settle with bondholders looking to cash in with its bankruptcy, the company said it consummated a reorganization plan in conjunction with the closing for the former joint ventures with Comcast (Century-TCI and Parnassos), which will see $1.7 billion of its debt repaid to bondholders.
No related content found.
VIEW ALL GALLERIES
