07/13/2006

FCC Approves Adelphia Merger

Dow Jones coverage

Bloomberg

Akron Beacon Journal

New York Times

From MultiChannel News:

FCC Approves Adelphia Merger

By TED HEARN & MIKE FARRELL

Multichannel News

7/13/2006, 2:58 p.m.


The Federal Communications Commission voted 3-2 Thursday (Democratic commissioner Jonathan Adelstein partially dissented) to approve the $16.9 billion acquisition of Adelphia Communications by Time Warner Inc. and Comcast, removing the last regulatory hurdle facing the deal.

The vote culminates one of the longest cable-system transactions in recent FCC history, taking 404 days. In contrast, the Federal Trade Commission approved the deal without conditions in late January.

Adelphia currently has about 5 million subscribers. Time Warner Cable and Comcast intend to divide Adelphia's assets and some of their own properties in a series of cable-system trades designed to bolster their regional footprints in several large markets, including Los Angeles, Dallas and Minneapolis-St. Paul.

For more: http://www.multichannel.com/ article/CA6352881.html?display=Breaking+News