Adelphia Update

CABLE FIRMS SALIVATE OVER SLICES OF ADELPHIA PIE
[SOURCE: Wall Street Journal, AUTHOR: ]
The $17 billion Adelphia sale is expected to close July 31. When the dust settles, and Adelphia's cable systems are divvied up, Time Warner will add 3.5 million subscribers for a total of 14.5 million. Comcast, the country's largest cable operator by subscribers, will increase its total by 1.8 million to about 23 million customers. More important, the Adelphia sale, combined with planned system swaps by Time Warner and Comcast, will strengthen Time Warner's grip on Los Angeles, Dallas, Cleveland and parts of New York, while beefing up Comcast's presence around Miami, northern Virginia, Boston, Minneapolis and Pittsburgh. In Los Angeles, after the Adelphia deal, Time Warner's systems will be able to provide service to 75% of the households, up from 15% today. Gaining critical mass in major markets is crucial for cable operators, which face competition not only from their traditional satellite-TV rivals but also from phone companies that are upgrading their networks to offer faster high-speed Internet service and television. Cable companies are fighting back by adding telephone services and improved TV-viewing features such as advanced interactive guides. The FCC is expected to approve the Adelphia sale this morning.
http://online.wsj.com/article/SB115275014933405184.html?mod=todays_us_ma...
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ADELPHIA BANKRUPTCY PROPOSAL GIVEN MORE TIME
[SOURCE: Reuters]
Bankrupt cable operator Adelphia Communications on Wednesday said a judge had extended the deadline for creditors to accept or reject a modified Chapter 11 reorganization plan. The company, which has been in bankruptcy proceedings since 2002, said the United States Bankruptcy Court for the Southern District of New York extended the voting deadline to 4 p.m. on September 12 from July 26. Comcast Corp. and Time Warner Inc.'s cable unit will be sharing Adelphia's cable systems once the final approval hurdle is cleared with the Federal Communication Commission. The FCC is expected to complete its review today.
http://today.reuters.com/news/newsArticle.aspx?type=industryNews&storyID...