NEW YORK: Scandal-plagued and bankrupt cable company Adelphia's $17.6 billion sale to Comcast and Time Warner last week required nimble maneuvering by financial communications firms to clarify the value of the complex deal to stakeholders.
Abernathy MacGregor assisted Comcast, a client of the firm for more than a decade. The two have teamed on "dozens" of deals in that time, according to Comcast VP of corporate communication D'arcy Rudnay.
Citigate Sard Verbinnen's New York office aided Adelphia, according to Adelphia director of external communications Erica Stull. The troubled company will dissolve as a brand when the deal is completed in 9-12 months. Stull and Rudnay said that the future of Adelphia's five-person corporate communications team has not yet been decided.
Kekst & Company advised Time Warner, described by Kekst partner Jeffrey Taufield as a "longtime client."
The acquisition was in the works for a year, due to Adelphia's legal and business woes, a competing bid by rival Cablevision, and the highly varied group of public and private stakeholders with an interest in at least one of the three companies.