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Adelphia Assets Sold To Cable Giants

Law360 (August 1, 2006, 12:00 AM EDT) -- Time Warner Inc. and Comcast Corporation have successfully acquired the assets of Adelphia Communications Corporation, paving the way for Adelphia to pay off its creditors under its restructuring plan, the companies announced on Monday.

Time Warner and Comcast paid a combined $12.5 billion in cash and around 16% of Time Warner Cable’s total common equity in stock.

As part of the sale agreement, Adelphia is required to sell at least a third of the Time Warner stock it receives within three months or to distribute the...
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