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Time Warner, Comcast to Buy Adelphia

Time Warner and Comcast have made an $18 million offer in cash and stock to purchase Adelphia Communications.

Adelphia has been in bankruptcy since 2002 when its founders were accused and later convicted of defrauding shareholders.

The tentative deal--presented to the judge in Adelphia's bankruptcy case--would give N.Y.-based TW and Comcast Adelphia's 5.3 million subscribers in Los Angeles, Miami and other cities.

The New York Times reported that TW and Philadelphia-based Comcast would pay $13.5 billion in cash and $4.5 billion in stock in a new company created out of Adelphia and TW's cable unit. The Wall Street Journal reported that the agreement was $12 billion in cash and more than $5.6 billion in stock.

The deal could be complete in a matter of days, according to the Journal.

Comcast would contribute approximately $2 billion in cash and trade its 21 percent share in TW's cable business for approximately two million of Adelphia's subscribers, according to the Times.

Cablevision had reportedly also made a last-minute $16 billion cash bid for Adelphia.