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FCC to vote on Comcast, Time Warner's Adelphia buy July 13 Last Update: 5:05 PM ET Jul 7, 2006 NEW YORK (MarketWatch) -- The Federal Communications Commission is set to vote on whether to approve Comcast Corp. (CMCSA) and Time Warner Inc.'s (TWX) $16.9 billion acquisition of Adelphia Communications Corp. (ADELQ) on July 13. The FCC approval is the last regulatory hurdle before the companies can close on the sale. A U.S. Bankruptcy judge approved Adelphia's sale last month. As previously reported, the FCC has been considering putting conditions on the sale that would require Comcast and Time Warner to provide competitors with access to their local sports programming. The conditions could be similar to those placed on News Corp.'s (NWS) acquisition of DirecTV Group Inc. (DTV). As part of that approval, the FCC stipulated that News Corp. couldn't use DirecTV to withhold programming from competitors, charge higher prices or refuse to carry competing programs. Regulators also stipulated that News Corp. submit to a neutral third-party arbitrator in case of program disputes with cable and satellite operators. DirecTV and other companies have raised concerns that Comcast and Time Warner, as they grow in size, could squelch competition. Already the largest cable companies in the country, the two will add a total of almost 5 million customers through the acquisition of Adelphia. Both Comcast and Time Warner have said they expect the deal to close by the end of July. The transaction includes $12.7 billion in cash and a 16% stake in Time Warner's cable unit. If the deal fails to wrap up by Sept. 1, Adelphia could be required to pay Time Warner $382.85 million or lower its price by the same amount. The company would also have to pay Comcast $87.5 million. Reply with a "Thank you" if you liked this post. _____________________________ MEDIANEWS mailing list medianews@twiar.org To unsubscribe send an email to: [EMAIL PROTECTED]
