Adelphia to Sell Puerto Rico Cable System

Jun 6, 2005  •  Post A Comment

Adelphia Communications and ML Media Partners said Monday they have agreed to sell their cable system in San Juan, Puerto Rico, to a private-equity team that includes cable industry veteran Jeffrey Marcus.

The $520 million deal has the two private-equity firms — MidOcean Partners and Crestview Partners, of which Mr. Marcus is managing director — paying around $3,800 per subscriber. The deal is expected to close in the fourth quarter.

Like Adelphia, the San Juan system, which has 137,000 customers, has been in federal bankruptcy protection since September 2002, though its proceedings are separate from Adelphia’s. The Puerto Rican systems were not included in the deal that has Comcast and Time Warner acquiring Adelphia for $17.6 billion.