Cablevision Systems Corp. has raised its bid for the fifth-largest cable operator Adelphia Communications Inc. to $17.1 billion from the previous $16.5 billion in an attempt to compete with its closest bidding rivals Time Warner Inc. and Comcast Corp., people familiar with the matter said.

Cablevision submitted its $16.5-billion bid for Adelphia earlier this month. Time Warner and Comcast’s joint bid amounts to $17.6 billion in cash and stock with the plans to create new company out of Adelphia and Time Warner cable operations.

Adelphia filed for bankruptcy protection in 2002. The company has more than five million subscribers.

Cablevision’s bid seems to derails the hopes of Time Warner and Comcast to get $500 million fee if Adelphia rejects the bid. The company’s bid is lucrative for Adelphia because it has larger cash component although the counterbid from Time Warner and Comcast is higher.