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) February 28, 1995
ADELPHIA COMMUNICATIONS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 0-16014 23-2417713
(State or other (Commission (IRS Employer
jurisdiction of) File Number) Identification No.)
5 West Third Street - PO Box 472, Coudersport PA 16915
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (814) 274-9830
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Item 5. Other Events.
On March 1, 1995, Adelphia Communications Corporation (the
"Company) announced several related transactions between FPL Group, Inc.
and its subsidiaries ("FPL Group") and the Company and its
nonconsolidated joint venture, Olympus Communications, L.P., including
the issuance of 1,000,000 shares of Class A Common Stock on February 28,
1995 to FPL Group at $15 per share. The Company issued a Press Release,
dated March 1, 1995, a copy of which is attached hereto as Exhibit 99.01
and is incorporated by reference herein.
<PAGE>
Item 7. Financial Statements and Exhibits.
(c) The following exhibit is filed as part of this report on Form
8-K,
Exhibit 99.01 Press Release by Adelphia Communications
Corporation Dated March 1, 1995.
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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: March 6, 1995 ADELPHIA COMMUNICATIONS CORPORATION
(Registrant)
/s/ Timothy J. Rigas
Timothy J. Rigas
Senior Vice President
<PAGE>
Exhibit Index
Exhibit No. Description
Exhibit 99.01 Press Release by Adelphia Communications Corporation
dated March 1, 1995.
<PAGE>
PRESS RELEASE
FOR RELEASE: IMMEDIATE
CONTACT: Timothy J. Rigas, Senior Vice President
(814) 274-9830
Coudersport, PA -- March 1, 1995
Today, Adelphia Communications Corporation and its related
companies ("Adelphia") and FPL Group, Inc. ("FPL Group"), the parent of
Florida Power & Light Company announced that in several related transactions
FPL Group will exchange cable systems serving approximately 50,000
subscribers in Florida and the cash proceeds from the sale of two cable
joint ventures for a newly issued preferred limited partnership interest in
the face amount of $112,500,000 in Olympus Communications, L.P. ("Olympus")
and 1,000,000 shares of Adelphia Class A Common Stock valued at a price of
$15 per share. Adelphia will hold an identical preferred limited
partnership interest in Olympus in the face amount of $225,000,000.
Upon the consummation of this transaction and the acquisition
of WB Cable Associates, L.P., Adelphia will own or manage approximately
460,000 cable subscribers in Florida.
James Broadhead, Chairman of FPL Group, said "I am very excited
about this opportunity and the benefits this relationship will have for both
companies. The transaction places all of our remaining cable television
properties in the hands of a strong partner and takes FPL Group out of the
day-to-day operations of the cable television business while at the same
time providing it an opportunity to share in the future growth of a dynamic
industry."
John Rigas, Chairman of Adelphia, said "We have had a profitable
and friendly relationship with FPL Group as partners previously, so I am
delighted that we can renew our partnership. Having been in the cable
business since 1952, I appreciate the attention to detail of the management
of FPL Group but also have been impressed by the entrepreneurial spirit and
expertise of their management. The combination of Florida Power & Light's
strong presence in Florida and Adelphia's communications expertise will make
for a successful business relationship."
Timothy Rigas, Chief Financial Officer of Adelphia, said "The
relationship will provide more favorable terms for and enhanced access to
capital resources."
