Decision Marks Significant Step Forward Toward Closing of Sale;
Parties Await FCC Decision
GREENWOOD VILLAGE, Colo., Jan. 31 /PRNewswire-FirstCall/ -- Adelphia
Communications Corporation (OTC: ADELQ), the fifth largest cable TV company in
the U.S., today welcomed as an "important step forward" the Federal Trade
Commission (FTC) decision to close its anti-trust investigation into the
proposed sale of Adelphia's assets to Time Warner and Comcast.
"This important step forward satisfied a required condition to the closing
of our sale transaction with Time Warner and Comcast," said Bill Schleyer,
chairman and CEO of Adelphia. "The timely closure of this sale is in the best
interests of our creditors, customers and employees. In addition to the
remaining local government approvals that have not yet been obtained, the
focus of our attention now turns to the FCC, where we hope for a prompt ruling
that this sale is in the public interest."
The FTC staff examined the proposed sale under provisions of the so-called
"Hart-Scott-Rodino" or "HSR Act" and chose to take no additional action,
satisfying a major condition to the closing of the transactions.
"As we work through this complex process and the equally multifaceted case
of our bankruptcy, we remain mindful of our obligation to create the greatest
possible value for our bankruptcy constituencies and our expectation to close
this sale by the end of the second quarter," added Schleyer.
About Adelphia
Adelphia Communications Corporation is the fifth-largest cable television
company in the country. It serves customers in 31 states and offers analog
and digital video services, high-speed Internet access and other advanced
services over Adelphia's broadband networks.
Cautionary Statement Regarding Forward-Looking Statements
This report includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements regarding the
Company's and its subsidiaries' and affiliates' expected future financial
position, results of operations, cash flows, sale of the Company, settlements
with the Securities and Exchange Commission (the "SEC") and the United States
Attorney's Office for the Southern District of New York (the "U.S. Attorney"),
restructuring and financing plans, expected emergence from bankruptcy,
business strategy, budgets, projected costs, capital expenditures, network
upgrades, products and services, competitive positions, growth opportunities,
plans and objectives of management for future operations, as well as
statements that include words such as "anticipate," "if," "believe," "plan,"
"estimate," "expect," "intend," "may," "could," "should," "will," and other
similar expressions are forward-looking statements. Such forward-looking
statements are inherently uncertain, and readers must recognize that actual
results may differ materially from the Company's expectations. The Company
does not undertake a duty to update such forward-looking statements. Factors
that may cause actual results to differ materially from those in the
forward-looking statements include whether the proposed sale of the Company's
assets to Time Warner NY Cable LLC and Comcast Corporation is approved and
consummated, whether the transactions contemplated by the proposed settlements
with the SEC and the U.S. Attorney and any other agreements needed to effect
those transactions are consummated, the Company's pending bankruptcy
proceeding, results of litigation against the Company, results and impacts of
the proposed sale of the Company's assets, the effects of government
regulation including the actions of local cable franchising authorities, the
availability of financing, actions of the Company's competitors, pricing and
availability of programming, equipment, supplies and other inputs, the
Company's ability to upgrade its broadband network, technological
developments, changes in general economic conditions, and those discussed
under the heading "Risk Factors" in the Company's Annual Report on Form 10-K
for the fiscal year ended December 31, 2004. Many of these factors are
outside of the Company's control.
SOURCE Adelphia Communications Corporation
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Company News On-Call:
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CONTACT:
Media, Paul Jacobson, +1-303-268-6426, or
Investor Relations, Mark Spiecker, +1-303-268-6304, both of
Adelphia Communications Corporation
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