So is adelphia a good internet provider?
- Thread starter Phokus
- Start date
What is SBC? If it's a form of baby bell that sells DSL I would stay as far away from them as possible.Originally posted by: Phokus
Well that's encouraging
Should i go with SBC instead?
Adelphia is ok, nothing special.
- Nov 20, 1999
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Originally posted by: SampSon
What is SBC? If it's a form of baby bell that sells DSL I would stay as far away from them as possible.Originally posted by: Phokus
Well that's encouraging
Should i go with SBC instead?
Adelphia is ok, nothing special.
yeah it's dsl...
Adelphia will be Comcast and TW soon (they both bought Adelphia out together...)
Adelphia will soon be in its transitional stage...
http://beta.news.moneycentral.msn.com/t...DELQ&Feed=OBR&Date=20050421&ID=4752462
Adelphia will soon be in its transitional stage...
http://beta.news.moneycentral.msn.com/t...DELQ&Feed=OBR&Date=20050421&ID=4752462
NEW YORK (Reuters) - Bankrupt cable operator Adelphia Communications Corp. on Thursday accepted a buyout offer from joint bidders Time Warner Inc. and Comcast Corp. valued at $17.6 billion in cash and stock.
The bid by the top two U.S. cable operators beat out a rival $17.1 billion offer by Cablevision Systems Corp. for Adelphia, which has 5.2 million basic subscribers in 31 states.
Time Warner CEO Richard Parsons told reporters he expected little competition from rival bidders as the end of a grueling process was near. "The fat lady has sung," he said.
The deal will cement Time Warner's position as the No. 2 U.S. cable operator with 14.4 million basic video subscribers as it gains a stronghold in the lucrative Los Angeles market that could boost Time Warner's growth.
"We believe that the addition of Adelphia systems will help lift Time Warner's overall growth rate substantially," Prudential Equity Group analyst Katherine Styponias wrote in a note. Parsons also alluded to more information regarding discussions of a buyback or dividend in the latter half of 2005
Adelphia stakeholders will receive $12.7 billion in cash and a 16 percent stake in a new publicly traded Time Warner cable company, which will include the Time Warner Cable unit and the cable operations of Adelphia, valuing the new company at $30.6 billion.
Time Warner and Comcast, the No. 1 cable operator, will also unwind Comcast's 21 percent stake in Time Warner Cable and Time Warner Entertainment. As a result Comcast will receive a net 1.8 million basic cable subscribers.
The deal caps more than a year of wrangling over Adelphia's future in bankruptcy court. The company pursued a stand-alone plan of reorganization, but under pressure from shareholders Adelphia last year also put itself up for sale.
Adelphia collapsed into a multibillion-dollar bankruptcy in 2002 after the company's founding Rigas family siphoned off millions of dollars for personal use and overstated key financial results.
CABLE MAP REDRAWN
Oppenheimer & Co. analyst Thomas Eagan said Comcast, which will have a total of about 23.3 million customers, emerges as a clear victor.
"We think Comcast is the biggest beneficiary here," Eagan said, pointing out that the swaps with Time Warner for customers closer to its existing regions could help it increase margins and overhead.
Wall Street expects the purchase to ignite a string of cable system swaps and other deals.
"We're on the brink of seeing the cable map being redrawn into three camps -- Comcast, Time Warner and everybody else," said Craig Moffett, an analyst at Sanford C. Bernstein.
The cable television industry, under pressure from satellite television providers and telephone companies, is launching new digital services such as phones, high speed Internet and video on demand.
Adelphia's official shareholders committee expressed disappointment over break-up provisions in the deal and said Adelphia must remain open to higher bids.
"This process is far from over." Peter Morgenstern, a lawyer representing the equity committee, said in a statement.
The committee said it is considering whether to take further legal action.
TIME WARNER STOCK OVERHANG LIFTED
Analysts said the deal is likely to boost Time Warner shares after quelling uncertainty over Comcast's stake in Time Warner Cable that could have cost over $5 billion to buy out by some estimates.
"We believe the announcement of the Adelphia deal and related Comcast swapping transaction will lift a significant overhang on Time Warner's stock," Merrill Lynch analyst Jessica Reif Cohen wrote in a research note.
Under the deal, Adelphia said it will receive $9.2 billion in cash from Time Warner and the stake in Time Warner Cable, and $3.5 billion in cash from Comcast.
Executives said a publicly trade cable company could provide a source of financing for future deals and let it more economically launch new service in its cable clusters.
Time Warner executives said they expect to add about $11 billion in net debt to finance the deal, and Time Warner Cable will invest $650 million to upgrade the acquired systems.
Time Warner's net debt will rise to $27.4 billion.
Standard & Poor's Ratings Services said the deal will have no impact on Time Warner's corporate credit rating. It said it may raise Comcast's ratings. Moody's Investors Service raised Comcast's long- and short- term debt ratings.
The deal, which has been approved by the boards of the companies involved, is subject to approval from Adelphia's bankruptcy judge and federal and local regulators.
Adelphia was advised by UBS and Allen & Co. Comcast was advised by Morgan Stanley and Blackstone Group, while Time Warner was advised by Lehman Brothers and Bear Stearns.
Time Warner shares rose 3.54 percent to $17.53, and Comcast shares were up 2.4 percent at $32.25 at the market's close.
The bid by the top two U.S. cable operators beat out a rival $17.1 billion offer by Cablevision Systems Corp. for Adelphia, which has 5.2 million basic subscribers in 31 states.
Time Warner CEO Richard Parsons told reporters he expected little competition from rival bidders as the end of a grueling process was near. "The fat lady has sung," he said.
The deal will cement Time Warner's position as the No. 2 U.S. cable operator with 14.4 million basic video subscribers as it gains a stronghold in the lucrative Los Angeles market that could boost Time Warner's growth.
"We believe that the addition of Adelphia systems will help lift Time Warner's overall growth rate substantially," Prudential Equity Group analyst Katherine Styponias wrote in a note. Parsons also alluded to more information regarding discussions of a buyback or dividend in the latter half of 2005
Adelphia stakeholders will receive $12.7 billion in cash and a 16 percent stake in a new publicly traded Time Warner cable company, which will include the Time Warner Cable unit and the cable operations of Adelphia, valuing the new company at $30.6 billion.
Time Warner and Comcast, the No. 1 cable operator, will also unwind Comcast's 21 percent stake in Time Warner Cable and Time Warner Entertainment. As a result Comcast will receive a net 1.8 million basic cable subscribers.
The deal caps more than a year of wrangling over Adelphia's future in bankruptcy court. The company pursued a stand-alone plan of reorganization, but under pressure from shareholders Adelphia last year also put itself up for sale.
Adelphia collapsed into a multibillion-dollar bankruptcy in 2002 after the company's founding Rigas family siphoned off millions of dollars for personal use and overstated key financial results.
CABLE MAP REDRAWN
Oppenheimer & Co. analyst Thomas Eagan said Comcast, which will have a total of about 23.3 million customers, emerges as a clear victor.
"We think Comcast is the biggest beneficiary here," Eagan said, pointing out that the swaps with Time Warner for customers closer to its existing regions could help it increase margins and overhead.
Wall Street expects the purchase to ignite a string of cable system swaps and other deals.
"We're on the brink of seeing the cable map being redrawn into three camps -- Comcast, Time Warner and everybody else," said Craig Moffett, an analyst at Sanford C. Bernstein.
The cable television industry, under pressure from satellite television providers and telephone companies, is launching new digital services such as phones, high speed Internet and video on demand.
Adelphia's official shareholders committee expressed disappointment over break-up provisions in the deal and said Adelphia must remain open to higher bids.
"This process is far from over." Peter Morgenstern, a lawyer representing the equity committee, said in a statement.
The committee said it is considering whether to take further legal action.
TIME WARNER STOCK OVERHANG LIFTED
Analysts said the deal is likely to boost Time Warner shares after quelling uncertainty over Comcast's stake in Time Warner Cable that could have cost over $5 billion to buy out by some estimates.
"We believe the announcement of the Adelphia deal and related Comcast swapping transaction will lift a significant overhang on Time Warner's stock," Merrill Lynch analyst Jessica Reif Cohen wrote in a research note.
Under the deal, Adelphia said it will receive $9.2 billion in cash from Time Warner and the stake in Time Warner Cable, and $3.5 billion in cash from Comcast.
Executives said a publicly trade cable company could provide a source of financing for future deals and let it more economically launch new service in its cable clusters.
Time Warner executives said they expect to add about $11 billion in net debt to finance the deal, and Time Warner Cable will invest $650 million to upgrade the acquired systems.
Time Warner's net debt will rise to $27.4 billion.
Standard & Poor's Ratings Services said the deal will have no impact on Time Warner's corporate credit rating. It said it may raise Comcast's ratings. Moody's Investors Service raised Comcast's long- and short- term debt ratings.
The deal, which has been approved by the boards of the companies involved, is subject to approval from Adelphia's bankruptcy judge and federal and local regulators.
Adelphia was advised by UBS and Allen & Co. Comcast was advised by Morgan Stanley and Blackstone Group, while Time Warner was advised by Lehman Brothers and Bear Stearns.
Time Warner shares rose 3.54 percent to $17.53, and Comcast shares were up 2.4 percent at $32.25 at the market's close.
I think that Verizon is installing FIOS up in those states in the Northeast such as connecticut...
Even if the service isn't all that good..FIOS will be comming soon near you!
Hehehe...
I hate adelphia as well. Our company apartment has internet via adelphia and their customer service is atrocious. Every time we call they SWEAR we aren't a customer of theirs and that they don't cover our area (even though we're part of a 500-apartment complex).
Sarah
Sarah
comcast sucks. i don't know why you'd look forward to that.
i'd prefer TW, but over that, cablevision. too bad cablevision lost the bidding war.
i'd prefer TW, but over that, cablevision. too bad cablevision lost the bidding war.
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