Adelphia Bids Push $17.5B
While some players expected Time Warner Inc. and Comcast Corp. to throw in a lowball bid for all of Adelphia Communications Corp., the cable operators seemed to be pushing to win, bidding just shy of the $17.5 billion Adelphia creditors said they wanted.
Another bid for the whole company came from buyout firm Kohlberg Kravis Roberts for around $16 billion. Bids were still coming in late Monday, but industry executives said that other offers were submitted by financial buyers for smaller chunks of Adelphia's 5.2 million portfolio.
It will take a couple of days for Adelphia's bankers to fully assess the bids.
The television industry's top news stories, analysis and blogs of the day.
Thank you for signing up to Broadcasting & Cable. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.