updated 4/19/2005 10:50:58 AM ET 2005-04-19T14:50:58

Cablevision Systems Corp., a New York-area cable TV systems owner, has raised its bid for Adelphia Communications Inc. to $17.1 billion in a move that could threaten a competing offer from Time Warner Inc. and Comcast Corp., The Wall Street Journal reported Tuesday.

Quoting unidentified people familiar with the matter, the Journal reported that Cablevision made the bid last week, raising its previous offer of $16.5 billion in cash.

A spokesman for Cablevision did not immediately return a call seeking comment, but the company has repeatedly declined to comment on other reports that it was bidding for Adelphia.

Previous news reports have said that Time Warner and Comcast had reached a tentative agreement to acquire the assets of Adelphia, a Denver-based cable company that is still in bankruptcy following an accounting and looting scandal.

That bid was reported to be worth about $18 billion in cash and stock, but representatives of Time Warner, Comcast and Adelphia have declined to comment.

© Reuters 2005. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.


Discussion comments


Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 3.79%
$30K home equity loan FICO 4.99%
$75K home equity loan FICO 4.69%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.83%
Cash Back Cards 17.80%
Rewards Cards 17.18%
Source: Bankrate.com