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. Last Updated: 07/27/2016

U.S. Cable Firm Sold For $4.9Bln

LOS ANGELES -- Century Communications Corp., the largest cable operator in Southern California, has agreed to be acquired by a fast-growing Pennsylvania-based company that is expected to accelerate the roll out of advanced services over cable lines.

Adelphia Communications Corp., a family-owned company in Couders-port, Pennsylvania, agreed Friday to buy Century in a stock and cash transaction valued at $4.96 billion, including the assumption of $1.6 billion in debt.

The Century sale is one of the richest in cable history. Cable values have soared over the last year as new services have been introduced that could vastly increase revenues and give the industry a leg up in warding off rivals such as telephone companies and satellite television providers.

With the Century acquisition and several others in recent months, Adelphia will rise in the cable ranks from seventh to the nation's fifth-largest operator, with 5 million customers. If shareholders and regulators approve the deal, Adelphia, a newcomer to the Southern California market, would have its biggest concentration of subscribers in Los Angeles.

Century serves roughly 800,000 customers in some of the most desirable neighborhoods in Los Angeles.

Its remaining 800,000 customers are concentrated in Colorado Springs, Colorado, and San Juan, Puerto Rico, with a smattering on the East Coast, where most of Adelphia's operations are based.

Century officials said Adelphia would accelerate the roll out of advanced services.

"Their timetable for rolling out new services has been more aggressive than ours," said Bernard Gallagher, president and chief operating officer of Century, who will serve on the Adelphia board along with two of Century's top management after the deal closes.

He said the only layoffs would be those stemming from shutting down Century's corporate headquarters in New Canaan, Connecticut.

Adelphia officials did not return calls.