Comcast and Time Warner Get Court Approval for Adelphia Acquisition

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Comcast and Time Warner Get Court Approval for Adelphia Acquisition

6:30 am on June 30, 2006 | Category: Telecom Services, Internet, Corporate, Law

Cable giants, Comcast and Time Warner have gained court approval to purchase bankrupt ISP, Alelphia Communications, for $17.6 billion in cash and stock.

“Good business reasons exist for conducting the sale,” commented U.S. Bankruptcy Judge, Robert Gerber, after ruling on the case earlier this week. He went on to say that selling off the assets without a creditor vote was necessary “to prevent the risk of losing the sale altogether.”

Assuming that the deal gets final approval from the FCC next month, Time Warner’s total number of subscribers will increase by 32% to 14.5 million, while Comcast’s numbers will be up by 8% to 23 million.