Time Warner and Comcast to carve Adelphia

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Friday April 22, 11:20

Time Warner and Comcast to carve Adelphia

(by Helen Snow)

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Time Warner and Comcast to carve Adelphia

The two leaders of U.S. cable industry are making joined efforts to buy the assets of the fifth-largest cable company.

The recent information that Time Warner and Comcast reached a preliminary $17.6bn deal to share the assets of Adelphia Communications indicates a further consolidation of U.S. cable industry.

Under the deal terms, Time Warner Cable will gain 3.5 million basic subscribers, totaling to 14.4 million customers. Comcast will be awarded with about 1.8 million additional subscribers. The deal affirms Comcast’s leading position in the US market, with its total of 23.3 million customers.

Time Warner and Comcast will pay $12.7bn in cash plus 16% of the equity in Time Warner Cable.

"We’re on the brink of seeing the cable map being redrawn into three camps: Comcast, Time Warner and everybody else," said Craig Moffett, an analyst at investment house Sanford C Bernstein.

Still, the agreement is just in the process needing to be approved by regulators and the bankruptcy court. Adelphia is reported to be filed for bankruptcy in 2002 after a debt default.

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Read the related news and articles:
04 May 2005 06:29 AM	Time Warner 1Q results topped expectations
19 Apr 2005 12:00 PM	Cablevision’s bid for Adelphia up $600 mln
08 Apr 2005 07:49 AM	Adelphia to be bought by Comcast and Time Warner
24 Mar 2005 09:02 AM	Adelphia to pay large penalty to SEC
23 Mar 2005 08:41 AM	Time Warner becomes S.E.C.’s new target

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