RIGAS' DEAL OF THE CENTURY.
Multichannel News, March, 1999 by GIBBONS, KENT
Adelphia Stays on Buying Spree with $5.2B Purchase After watching Adelphia Communications Corp. double in size in about 10 days, Wall Streeters were scratching their heads over the company's sudden boldness and wondering where it's headed. Adelphia emerged last Friday as the surprise winner at auction of Century Communications Corp., agreeing to pay about $5.2 billion in stock, cash and assumed debt for Century and its 1.6 million subscribers.
Analysts considered the price high -- about $3,600 per subscriber, or around 15 times cable cash flow -- and Adelphia's share price fell early Friday while other MSO shares rose. Coudersport, Pa.-based Adelphia presumably outbid the likes of MediaOne Group Inc. and Charter Communications -- a pair of...
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