TITLE

CABLERS SNARE FILL 0' ADELPHIA

AUTHOR(S)
Goldsmith, Jill; McClintock, Pamela
PUB. DATE
April 2005
SOURCE
Daily Variety;4/21/2005, Vol. 287 Issue 14, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article informs that a ruling by a federal bankruptcy judge in New York on Wednesday appears to have paved the way for Time Warner Inc. and Comcast Corp. to buy Adelphia Communications Corp., in a $17.6 billion deal that could be announced as early as today. Judge Robert Gerber approved a breakup fee of about $440 million that Adelphia would be required to pay the acquiring partners if the transaction falls through. It wasn't clear Wednesday evening if the approval was effective immediately or required additional steps. Offer is said to consist of $12.5 billion in cash and $5.1 billion in stock. Time Warner and Comcast are said to have insisted on the fee as a condition of the deal.
ACCESSION #
16942060

 

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