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 26, 1999
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 16915-1141
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (814) 274-9830
<PAGE>
Item 5. Other Events.
In a press release dated May 26, 1999, Adelphia Communications Corp. announced
it has agreed to swap certain cable systems with Comcast Corporation and Jones
Intercable, Inc. That press release is filed under Item 7 to this Form 8-K as
Exhibit 99.01.
Item 7. Financial Statements and Exhibits.
Exhibit No. Description
99.01 Press release dated May 26, 1999 (Filed herewith)
<PAGE>
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.
ADELPHIA COMMUNICATIONS CORPORATION
Date: May 26, 1999 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 May 26, 1999 (Filed herewith)
Exhibit 99.01
PRESS RELEASE
FOR RELEASE: IMMEDIATE
CONTACT: Timothy J. Rigas, Executive Vice President and Chief Financial Officer
James Brown, Vice-President
(814) 274-9830
ADELPHIA COMMUNICATIONS ANNOUNCES SWAP AGREEMENTS
Coudersport PA - May 26, 1999 - John J. Rigas, Chairman and CEO of Adelphia
Communications Corporation (NASDAQ NMS:ADLAC), announced today that Adelphia has
agreed to swap certain cable systems with Comcast Corporation and Jones
Intercable, Inc. in a geographic rationalization of the companies' respective
markets. Adelphia will add approximately 440,000 subscribers to its two largest
cable clusters, the Los Angeles, CA ADI and the West Palm/Fort Pierce, FL ADI.
In exchange Comcast and Jones will receive systems currently owned, managed or
under contract to be purchased by Adelphia serving approximately 464,000
subscribers in suburban Philadelphia, PA, Ocean County, NJ, Ft. Myers, FL,
Michigan, New Mexico and Indiana. All systems involved in the transactions will
be valued by agreement between the parties or, following a failure to reach
agreement, by independent appraisals, with any difference in relative value to
be funded with cash or additional cable systems. The system swaps are subject to
customary closing conditions and regulatory approvals and are expected to close
by mid-2000. The table below summarizes Adelphia's cable clustering (including
its Olympus Communications joint venture) at March 31, 1999, proforma for these
swap agreements and the previously announced acquisitions of FrontierVision
Partners, L.P., Century Communications Corp., and Harron Communications Corp.
<TABLE>
<CAPTION>
Adelphia Communications Corporation Cable Subscribers by Cluster
Managed
Existing To be To be Systems MS to be Total Owned
Cable Acquired Swapped-Net Pro Forma Owned ("MS") Swapped and Managed
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Los Angeles 0 775,698 335,163 1,110,861 0 0 1,110,861
Florida 650,858 34,527 49,634 735,019 24,847 0 759,866
New England 307,717 450,904 0 758,621 0 0 758,621
Midwest (1) 37,804 547,602 (108,106) 477,300 0 0 477,300
Western New York 497,610 0 0 497,610 0 0 497,610
Virginia 310,402 77,515 0 387,917 22,165 0 410,082
Western PA 182,860 53,269 0 236,129 62,130 0 298,259
Eastern PA 152,848 44,447 (101,254) 96,041 24,873 (24,873) 96,041
San Juan 0 134,647 0 134,647 0 0 134,647
Colorado 0 109,894 0 109,894 0 0 109,894
New Jersey 106,295 0 (106,295) 0 0 0 0
Other Systems 0 361,491 (68,179) 293,312 0 0 293,312
- -------------------------------------------------------------------------------------------------------------------------
Total 2,246,394 2,589,994 963 4,837,351 134,015 (24,873) 4,946,493
- -------------------------------------------------------------------------------------------------------------------------
<FN>
(1) - Includes systems in Ohio, Michigan, Kentucky and West Virginia.
</FN>
</TABLE>
