Robbins Rules Out Adelphia Buy
By John M. Higgins -- Broadcasting & Cable, 4/29/2004 8:06:00 AM
Cox Communications CEO Jim Robbins has flatly ruled out a bid for all of Adelphia Communications Corp., saying he would only buy systems that are well clustered or fit Cox's existing operations.
On a conference call to discuss Cox’s first-quarter earnings, Robbins said: “Regarding our objective to grow the company, I want to reiterate our public comments that we have made over the past several months, which is our acquisition strategy has not changed. As we said in the past, We would be interested in purchasing systems that are well clustered in medium to large markets at a price that would allow us to create shareholder value.”
He did not specifically characterize Adelphia’s systems. The operator has some properties that fit with existing Cox operations, particularly Los Angeles, but Adelphia also has plenty of systems in small towns scattered across dozens of states that aren’t very appealing to anyone. Robbins did not address whether he might participate in a consortium that would bid to carve up Adelphia’s portfolio.
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