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) August 3, 1998
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 Identification No.)
incorporation)
Main at Water Street - Coudersport, PA 16915-114
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (814) 274-9830
<PAGE>
Item 5. Other Events
Adelphia Communications Corporation (the "Registrant") and TCI Communications,
Inc. ("TCIC") have closed their transaction to form a regional partnership that
will include cable television systems in western New York, northeastern Ohio and
northwestern Pennsylvania -- serving a total of 470,000 customers -- and the
Empire Sports Network.
TCIC contributed to the partnership its cable television systems in Buffalo, New
York; suburban Erie, Pennsylvania; and Ashtabula and Lake County, Ohio, --
serving 170,000 customers -- and minority interests in certain cable television
partnerships that own approximately 20,000 customers in western New York. The
Registrant contributed its systems in western New York and Lorain, Ohio, --
serving a total of 280,000 customers -- its majority interests in the western
New York partnerships mentioned above, and Empire Sports Network. TCIC holds a
33.3% interest in the newly formed partnership, and the Registrant a 66.7%
interest.
Item 7. Financial Statements and Exhibits
Exhibit No. Description
99.01 Press Release dated August 3, 1998 announcing that the Registrant
and TCI Communications, Inc., have closed their transaction to form
a regional partnership that will include cable television systems in
western New York, northeastern Ohio and northwestern Pennsylvania --
serving a total of 470,000 customers -- and the Empire Sports
Network.
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:August 7, 1998 ADELPHIA COMMUNICATIONS CORPORATION
(Registrant)
By: /s/Timothy J. Rigas
Timothy J. Rigas
Executive Vice President,
Treasurer and Chief
Financial Officer
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
99.01 Press Release dated August 3, 1998 announcing that the Registrant
and TCI Communications, Inc., have closed their transaction to form
a regional partnership that will include cable television systems
in western New York, northeastern Ohio and northwestern
Pennsylvania -- serving a total of 470,000 customers -- and the
Empire Sports Network.
EXHIBIT 99.01
TCIC and Adelphia Finalize Transaction Forming Regional Partnership
ENGLEWOOD, Colo., Aug. 3 /PRNewswire/ -- TCI Communications, Inc., (TCIC)
(Nasdaq: TCOMA TCOMB) and Adelphia Communications Corporation (Adelphia)
(Nasdaq: ADLAC) today announced that they have closed their transaction to form
a regional partnership that will include cable television systems in western New
York, northeastern Ohio and northwestern Pennsylvania -- serving a total of
470,000 customers -- and the Empire Sports Network.
Consistent with the announcement made in June 1997, TCIC contributed to the
partnership its cable television systems in Buffalo, New York; suburban Erie,
Pennsylvania; and Ashtabula and Lake County, Ohio, -- serving 170,000 customers
- -- and minority interests in certain cable television partnerships that own
approximately 20,000 customers in western New York. Adelphia contributed its
systems in western New York and Lorain, Ohio, -- serving a total of 280,000
customers -- its majority interests in the western New York partnerships
mentioned above, and Empire Sports Network.
TCIC holds a 33.3% interest in the partnership, and Adelphia a 66.7% interest.
Adelphia will manage the properties and consolidate the partnership's results
for financial reporting purposes. Additional terms of the agreement were not
disclosed.
"We are pleased to have completed this transaction with TCIC," said John Rigas,
Chairman and CEO of Adelphia. "We think that these properties will fit nicely
into the Adelphia family of companies. We'd like to thank all those involved,
especially the various municipalities and our friends at TCIC."
"We look forward to a long relationship with the exceptional management team at
Adelphia," said Leo J. Hindery, Jr., President of Tele-Communications, Inc.
(TCI), TCIC's parent company. "This partnership continues our strategy of
combining resources with companies like Adelphia to build upon the products and
services we offer to local communities. Daniels & Associates assisted the
parties with the transaction.
Tele-Communications, Inc. is traded through the TCI Group, the TCI Ventures
Group and the Liberty Media Group common stocks. The Series A and Series B TCI
Group common stocks are traded on the National Market tier of the Nasdaq Stock
Market under the symbols of TCOMA and TCOMB, respectively.
Adelphia is traded on the Nasdaq National Market with Common Stock under the
symbol ADLAC.
CONTACT: LaRae Marsik or Katina Vlahadamis of TCI Media Relations, 303-267-5273;
or Tim Rigas of Adelphia Communications Corporation, 814-274-9830
