Adelphia Communications will pay $300 million in cash and stock for AT&T cable systems in the northeast serving 115,000 cable subscribers, Bloomberg reports.
The Coudersport, Pa.-based cable operator will pay $227 million in cash and $73 million in stock for the systems, according to a Securities and Exchange Commission filing. The transaction translates to a per-subscriber price of $2,609.
AT&T has been selling off its cable systems to reduce its debt as it moves toward a major reorganization. It struck deals in February to sell cable systems serving one million subscribers for $4 billion.