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07/13/2006
FCC Approves Adelphia Merger
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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.
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