Comcast reshapes for Adelphia buyout



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Kevin M. Casey, Comcast’s senior vice president in New England, will become president of the newly formed New England Division of the cable giant when its partial acquisition of Adelphia Communications is completed. After the acquisition of Adelphia assets by Comcast Corp. and Time Warner Inc. - the new division will cover over Adelphia and Time Warner networks in New Hampshire, Massachusetts, Vermont, Connecticut, western Pennsylvania and Comcast networks in Maine. "Kevin has a long history and deep expertise in the cable industry and is well respected throughout our company," said David Watson, Comcast executive vice president of operations. Last April, Comcast and Time Warner announced plans to substantially acquire all of the assets of Adelphia Communications Corp. for a total of $12.7 billion in cash and 16 percent of the common stock of Time Warner’s cable subsidiary, Time Warner Cable Inc. Comcast and Time Warner will also swap certain cable systems. In addition, Time Warner Cable will redeem Comcast’s interests of 17.9 percent in Time Warner Cable and 4.7 percent in Time Warner Entertainment Co., together an effective 21 percent economic ownership of Time Warner Cable. Comcast officials declined to say when they expect integration of the three telecommunications firms’ systems would be complete. — CINDY KIBBE

 

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