The fate of the scandal-plagued, bankrupt cable television company Adelphia Communications Corporation is one step closer to resolution.
Time Warner Incorporated and Comcast Corporation will purchase Adelphia's assets in a 17-point-six (b) billion cash-and-stock deal.
Under terms of the multipart buyout deal, Time Warner and Comcast will divide Adelphia's assets, with Philadelphia-based Comcast gaining one-point-eight (m) million subscribers and New York-based Time Warner getting three-point-five (m) million.
Adelphia C-E-O Bill Schleyer says the company's Colorado Springs customers will be folded into Comcast.
Schleyer says most employees will retain their jobs, but with Adelphia's headquarters in surburban Greenwood Village will close, likely causing layoffs.