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Based on valuation per customer, Adelphia has one of the lowest I have found. Currently their subscribers are only valued at $1,200 each, and this is after they complete complete two mergers currently in the works. They will have 5 million subscribers and be the 5th largest cable company. Like Comcast and many others, the family controls the voting shares. Looking at the cable industry, it would seem to me that they would definately be a takeover candidate for Comcast or ATT. In my opinion, Comcast and ATT will dominate cable, hence, I do not think Comcast will sell. In today's environment, it is hard to see how the value in Adelphia will not be unlocked sometime soon. For the record, in the cable industry I am long Comcast, ATT, AOL, @Home and Adelphia. |
