Number crunching
Time Warner eager to see Adelphia books
"We'll take a very hard look at Adelphia when the materials are available," chief financial officer Wayne Pace told investors at a media conference in Washington, D.C.
Adelphia soon will start sending out so-called "black books" with detailed financial information to potential suitors. Initial bids are expected in October or November, with a sale next year. Adelphia will take bids for clusters of cable systems as well as for the whole company.
Pace declined to comment on Time Warner's negotiations to buy MGM. That deal is expected to close next week.
Pace acknowledged the ongoing SEC probe into Time Warner's accounting would make it tough to issue stock to pay for an Adelphia acquisition. He mentioned the possibility of a reverse merger, where Time Warner could merge Time Warner Cable with Adelphia.
Adelphia, the nation's fifth largest cable company, is in the process of emerging from Chapter 11.
Pace said Time Warner likes all the businesses it is in and would consider acquisitions in all.
