Comcast to Reduce Interest in Time Warner Cable, Mulls Adelphia Acquisition

Comcast reached an agreement with Time Warner that provides Comcast with an option to reduce its effective overall interest in Time Warner Cable Inc. from approximately 21% to 17% in exchange for stock of a subsidiary that will hold cable systems and cash. The companies are said to be exploring a joint proposal to acquire all of Adelphia’s assets. Comcast is the largest cable operator in the U.S. and Time Warner is the second largest. http://www.comcast.com