Adelphia bids roll in; Time Warner, Comcast offer $17 billion

Time Warner and Comcast have offered a joint bid of more than $17 billion to take over bankrupt cable operator Adelphia Communications. A rival group, led by private equity firms Kohlberg Kravis Roberts & Co. and Providence Equity Partners, also submitted a bid. Other companies that offered to buy pieces of Adelphia's system include: Patriot Media & Communications, backed by Spectrum Equity Investors, Bain Capital and Silver Lake Partners; and Cequel III, a telecommunications company run by the former chief executive officer of Charter Communications, backed by Goldman Sachs Group .

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