Time Warner, Comcast in Deal to Buy Adelphia

BlakeCaldwell writes "CNet reports that Time Warner and cable TV operator Comcast are set to pay $18 billion for bankrupt cable operator Adelphia Communications. The tentative deal, in cash and stock warrants, appears to beat off a potential rival bid by cable firm Cablevision Systems, which a separate source has said was preparing a $16.5 billion cash bid for Adelphia."

Comments

Local fallout

[JSC]

The thing that worrys me about all this is what's going to happen to the local economy. I live about 20 miles from Adelphia's original home, Coudersport, PA. The buyout of Adelphia is probably going to result in the closing of all the local offices.

Until recently, Adelphia has been the big dog around here as employers go so the effect on the local job market is probably going to be pretty severe. 'course, we've been expecting it but now we get to see just how bad it's going to get.