SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (date of earliest event reported) May 27, 1994
ADELPHIA COMMUNICATIONS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
(State or other 0-16014 23-2417713
jurisdiction of (Commission) (IRS Employer
incorporation) File Number) Identification No.)
5 West Third Street - P.O. Box 472, Coudersport, PA 16915
(Address of principal executive offices)
Registrant's telephone number, including area code (814) 274-9830
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Item 5. Other Events.
On May 27, 1994, Adelphia Communications Corporation and the affiliated
companies it manages (the "Adelphia Group") announced the signing of a letter of
intent providing for an increase in the Adelphia Group's overall investment in
cable systems held by Tele-Media Investment Partnership, L.P. ("TMIP"). The new
$63,000,000 investment will result in the Adelphia Group having a substantial
equity interest in TMIP. Adelphia and TMIP will hold interests in or provide
management services to cable systems serving approximately 330,000 subscribers.
Adelphia's consolidated leverage is not expected to increase as a result of this
transaction. Adelphia issued a press release, dated May 27, 1994, with respect
to such announcement, a copy of which is attached hereto as Exhibit 99.01 and is
incorporated by reference herein.
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Item 7. Financial Statements and Exhibits.
(c) The following exhibits are filed as part of this report on Form 8-K:
Exhibit 99.01 Press Release by Adelphia Communications Corporation
dated May 27, 1994
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: May 31, 1994 ADELPHIA COMMUNICATION CORPORATION
(Registrant)
/s/ Timothy J. Rigas
Timothy J. Rigas
Senior Vice President,
Chief Financial Officer and
Chief Accounting Officer
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EXHIBIT INDEX
Exhibit No. Description
Page
Exhibit 99.01 Press Release by Adelphia Communications Corporation
dated May 27, 1994
FOR RELEASE: IMMEDIATE
CONTACT: Timothy J. Rigas, Senior Vice President
(814) 274-9830
THE ADELPHIA GROUP TO INCREASE INVESTMENT IN
TELE-MEDIA PROPERTIES
Coudersport, PA - May 27, 1994
Adelphia Communications Corporation (NASDAQ-NMS:ADLAC) and the
affiliated companies it manages (the "Adelphia Group") today
announced the signing of a letter of intent providing for an
increase in the Adelphia Group's overall investment in cable
systems held by Tele-Media Investment Partnership, L.P. ("TMIP").
The new investment will result in the Adelphia Group having a
significant equity interest in TMIP. Adelphia and TMIP will hold
interests in or provide management services to cable systems
serving approximately 330,000 subscribers. Adelphia's
consolidated leverage is not expected to increase as a result of
this transaction.
The Adelphia Group by itself and through its investment in Tele-
Media will manage approximately 1,645,000 subscribers. Both
Adelphia and Tele-Media, pioneers in cable since the 1950's and
headquartered in Pennsylvania, share a great history in
communications and a vision and enthusiasm for the future of the
telecommunications industry. The combination of the companies
will provide significant synergies derived from operating and
purchasing capability, access to capital markets and effective
clustering of cable systems, including an increase of Adelphia's
Southeast Florida cluster to 400,000 subscribers and a
strengthened presence in the eastern third of the United States.
John Rigas, Chairman and Chief Executive Officer of Adelphia,
said, "I have known Bob Tudek and Everett Mundy since the early
days of the cable industry and look forward to sharing our
management talents to continue to strengthen both companies to
meet the challenges of building broadband networks, servicing
customers and realizing new revenue streams." Bob Tudek,
Chairman and Chief Executive Officer of Tele-Media, said, "My
partner, Everett Mundy, and I and the entire Tele-Media
management team believe that this
investment by Adelphia will provide Tele-Media with the means to
viably participate in the building of the nation's future
telecommunication network."
The letter of intent is subject to mutually acceptable
documentation, financing, approval by Adelphia's Board of
Directors and other conditions.
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Adelphia currently owns or manages cable television systems serving
approximately 1,315,000 subscribers in 11 states.
