Time Warner, Comcast Snare Adelphia
After a year of wrangling and a couple surprises (including a last-minute toss into the ring), Time Warner and Comcast have agreed in principle to purchase bankrupt Adelphia's 5.5 million subscribers for $18 million.
Adelphia, the fifth-largest U.S. cable television provider, filed for bankruptcy after founder John Rigas and others were accused of looting the company and cheating investors out of billions of dollars. Rigas and his son Timothy were convicted of conspiracy, bank fraud and securities fraud.
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