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) June 12, 1997
ADELPHIA COMMUNICATIONS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 0-16014 23-2417713
(State or other (Commission File Number) (IRS Employer
jurisdiction of incorporation) Identification No.)
Main at Water Street - 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 June 6, 1997 Tele-Communications, Inc., ("TCI") and Adelphia Communications
Corporation ("Adelphia") announced that they have signed a letter of intent to
establish a partnership in which TCI will contribute its cable systems in
Buffalo, New York; Erie, Pennsylvania; and Ashtabula and Lake County, Ohio,
totaling 166,000 subscribers, to the partnership and Adelphia will contribute
its Western New York and Lorain, Ohio systems, totaling 298,000 subscribers to
the venture. Upon closing of the transaction, TCI will hold a minority interest
in the partnership. Adelphia will manage the partnership and consolidate the
partnership's results for financial reporting purposes. The venture will serve a
total of nearly 465,000 customers in the region.
Incorporated herein by reference is the registrant's press release dated June 6,
1997, a copy of which is filed at Exhibit 99.01 of this form 8K.
Item 7. Financial Statements and Exhibits
Exhibit 99.01 - Press Release dated June 6, 1997
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: June 12, 1997 ADELPHIA COMMUNICATIONS CORPORATION
(Registrant)
By: /s/Timothy J. Rigas
Timothy J. Rigas
Executive Vice President,
Treasurer and Chief Financial Officer
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EXHIBIT INDEX
Exhibit No. Description
99.01 Press Release dated June 6, 1997
Exhibit 99.01
PRESS RELEASE
FOR RELEASE: IMMEDIATE
CONTACT: Timothy J. Rigas, Executive Vice President (814) 274-9830
Joann Dobbs, Manager of Corporate Media Relations (303) 267-5273
TCI AND ADELPHIA SIGNED LETTER OF INTENT TO FORM BUFFALO REGION
PARTNERSHIP
Coudersport, PA - June 6, 1997 - Tele-Communications, Inc., ("TCI") and Adelphia
Communications Corporation ("Adelphia") today announced that they have signed a
letter of intent to establish a partnership in which TCI will contribute its
cable systems in Buffalo, New York; Erie, Pennsylvania; and Ashtabula and Lake
County, Ohio, totaling 166,000 subscribers, to the partnership and Adelphia will
contribute its Western New York and Lorain, Ohio systems, totaling 298,000
subscribers to the venture. Upon closing of the transaction, TCI will hold a
minority interest in the partnership. Adelphia will manage the partnership and
consolidate the partnership's results for financial reporting purposes. The
venture will serve a total of nearly 465,000 customers in the region.
Additional terms of the agreement were not disclosed.
"This operating partnership will provide cable customers in the Buffalo region
the advantages of a combined operation, including consistencies in marketing,
communication, and service," said Leo J. Hindery, Jr., President and COO of TCI.
"Cable television will have a more unified community presence alongside other
local service providers."
Hindery continued, "We have enjoyed our relationship with Adelphia as partners
in another venture and look
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forward to working with them on a broader basis. We believe that our systems in
this region combined with theirs create a vibrant and attractive mix of assets."
"We look forward to continuing to work with TCI to form one of the premier cable
operations in the country," said John J. Rigas, Chairman and CEO of Adelphia.
"Combining TCI's preeminence in the cable television industry with Adelphia's
strong local presence and operational capability in Western New York will allow
us to accomplish this goal."
Tele-Communications, Inc. is traded through the TCI Group and the Liberty Media
Group common stocks. TCI is traded on the Nasdaq National Market with Series A
and Series B TCI Group Common Stock, under the symbols of TCOMA and TCOMB,
respectively. Liberty Media Group is traded on the Nasdaq National market with
Series A and Series B Common Stock, under the symbols of LBTYA and LBTYB,
respectively. Tele-Communications International, Inc., which is traded under the
symbol TINTA, is attributed to the TCI Group. TCI Communications, Inc., the
Company's domestic communications subsidiary, trades its Cumulative Exchangeable
Preferred Stock, Series A on the Nasdaq National Market under the symbol TCICP,
its Trust Originated Preferred Securities ("TOPrSsm") on the New York Stock
Exchange under the symbol TFI/pr and its trust preferred securities on the New
York Stock Exchange under the symbols TFII and TFIV.
Adelphia is traded on the Nasdaq National Market with Common Stock under the
symbol ADLAC.
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