Exhibit 99.02
PRESS RELEASE
FOR RELEASE: IMMEDIATE
CONTACT: Karen Chrosniak, Director of Investor Relations,
Dean Marshall, Director of Finance, or
Jim Brown, VP of Finance
(877) 496-6704
ADELPHIA COMMUNICATIONS CLOSES SWAP TRANSACTION WITH COMCAST CORPORATION
Coudersport, PA - January 3, 2001
Adelphia Communications Corporation ("Adelphia") (NASDAQ: ADLAC) announced today
that effective January 1, 2001, it had closed swap agreements involving certain
cable systems with Comcast Corporation. Adelphia added approximately 440,000
basic subscribers to two of its largest cable clusters, Los Angeles, CA and West
Palm/Fort Pierce, FL. In exchange, Comcast received approximately 457,000
subscribers.
Information regarding the Comcast swap has been the subject of prior Adelphia
press releases and filings by Adelphia with the Securities and Exchange
Commission.
Adelphia Communications Corporation, with headquarters in Coudersport,
Pennsylvania, is the sixth largest cable television company in the country.
The statements in this press release that are not historical facts are
forward-looking statements that are subject to material risks and uncertainties.
Investors are cautioned that any such forward-looking statements are not
guarantees of future performance or results and involve risks and uncertainties,
and that actual results or developments may differ materially from those in the
forward-looking statements as a result of various factors which are discussed in
the Company's filings with the Securities and Exchange Commission. These risks
and uncertainties include, but are not limited to, uncertainties relating to
economic conditions, acquisitions and divestitures, the availability and cost of
capital, government and regulatory policies, the pricing and availability of
equipment, materials, inventories and programming, product acceptance, the
Company's ability to construct, expand and upgrade its cable systems, fiber
optic networks and related facilities, reliance on vendors, technological
developments and changes in the competitive environment in which the Company
operates. Additional information regarding factors that may affect the business
and financial results of Adelphia can be found in the Company's most recent
Quarterly Report on Form 10-Q, as amended, filed with the Securities Exchange
Commission and the Company's Form 10-K for the year ended December 31, 1999, as
amended, as well as in the prospectus and most recent prospectus supplement
filed under Registration Statement No. 333-78027, under the section entitled
"Risk Factors" contained therein. The Company does not undertake to update any
forward-looking statements in this press release or with respect to matters
described herein.
