A coalition of activists announced plans Wednesday for a measure that might cause trouble for the $17.6 billion pending asset sale by bankrupt media group Adelphia Corp., to industry siblings Time Warner Inc. and Comcast Corp.
The concerned group, which includes satellite TV groups DirecTV Inc. and EchoStar Communications Corp., announced Wednesday it will ask the Federal Communications Commission to place certain restrictions on the acquisition that would serve to encourage competition among satellite providers.
The news comes just a day after Adelphia asked a bankruptcy court to erase more than $3.5 billion in claims against it, part of an overall strategy to nullify $8 billion in claims the company has amassed since filing for bankruptcy protection in 2002.
The company’s exit plan hinges upon this pending divesture.
In other media news, niche publisher Primedia Inc. announced it has hired Goldman, Sachs & Co. to advise in the possible sale of its craft division — which supplies resources for quilting and sewing — to focus on its 18- to 34-year-old male audience. The unit did $60 million in revenue in 2005, according to a company statement. —Carolyn Murphy
Primedia weighs asset sale
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