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MEDIA
Adelphia falls again on debt woes
The cable TV firm said it may be liable for $500 mil in bank loans to its Adelphia Business telecom unit, which filed for bankruptcy on Wednesday. That sent Adelphia Communications down 1.80, or 11%, to 14.90. On Wednesday, Adelphia lost 18% after revealing it had kept $2.3 bil in debt off its books.
News Corp. to write down $2 bil
Rupert Murdoch's media giant will take the write-down in its Q3 due to its 42.6% stake in tech licensing firm Gemstar-TV Guide. Gemstar recently said it'd write down $5 bil to reflect new accounting rules on valuing acquisitions.
British cable company delisted
The NYSE delisted debt-laden NTL Inc., as expected, due to its low share price. NTL was to face interest payments of $95 mil over the weekend, analysts said. NTL is expected to make those payments, but S&P cut its long-term ratings.