Bid made for $17.6 billion in cash, stock
Adelphia Communications has accepted a joint bid from Time Warner and Comcast to purchase all its cable systems for about $17.6 billion.
Media reports said the bid was about $12 billion in cash and the rest in the stock of a company that would be created from Adelphia and Time Warner’s cable unit.
Comcast will contribute $2 billion and pick up about 2 million of Adelphia’s 5.3 million subscribers. A final deal may be several days away.