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Comcast/Time Warner: Adelphia.(cable tv broadcasting industry mergers and acquisitions)
Publication: Corporate Counsel Publication Date: 01-AUG-05 Author: Marcus, David
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COPYRIGHT 2005 American Lawyer Media L.P.
Adelphia Communications Corporation's proposed Chapter 11 sale won't only resolve the fate of the bankrupt cable operator. It should also help clarify the relationship between the company's purchasers, Comcast Corporation and Time Warner Inc. The two rivals announced April 21 that they would team up to buy Adelphia, with Time Warner paying the target's shareholders $9.2 billion and a 16 percent stake in Time Warner Cable Inc.; Comcast will contribute $3.5 billion. After acquiring Adelphia's assets, the buyers plan to swap cable systems and unwind the 21 percent stake in Time Warner that Comcast gained when it bought AT & T Broadband in 2002.
Adelphia's sale will come almost three years after it filed for bankruptcy. In July 2004 company founder and CEO John Rigas...
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