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NEW YORK - Time Warner Inc. and Comcast Corp. have reached a tentative agreement to buy Adelphia Communications Corp. for nearly $18 billion, according to newspaper reports.
The two media companies agreed in principle to buy bankrupt Adelphia for between $12 billion and $13.5 billion cash in addition to between $4.5 billion and $5.6 billion in stock in a company that would be created out of Adelphia and Time Warners cable unit, The Wall Street Journal and The New York Times reported in Fridays editions.
Cablevision Systems Corp. also has expressed interest in acquiring Adelphia, which has been in bankruptcy since 2002. Bethpage, N.Y.-based Cablevision, which has about 3 million subscribers in the New York metro area, had reportedly offered $16.5 billion in cash.
An executive close to Adelphia told the Times the Time Warner/Comcast bid was far and away the best deal actually on the table.
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