Cablevision ups Adelphia bid to $17.1 billion

Cablevision Systems Corp., a New York-area cable TV systems owner, has raised its bid for Adelphia Communications Inc. to $17.1 billion in a move that could threaten a competing offer from Time Warner Inc. and Comcast Corp., The Wall Street Journal reported Tuesday.

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Quoting unidentified people familiar with the matter, the Journal reported that Cablevision made the bid last week, raising its previous offer of $16.5 billion in cash.

A spokesman for Cablevision did not immediately return a call seeking comment, but the company has repeatedly declined to comment on other reports that it was bidding for Adelphia.

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Previous news reports have said that Time Warner and Comcast had reached a tentative agreement to acquire the assets of Adelphia, a Denver-based cable company that is still in bankruptcy following an accounting and looting scandal.

That bid was reported to be worth about $18 billion in cash and stock, but representatives of Time Warner, Comcast and Adelphia have declined to comment.