American cable TV rivals Time Warner and Comcast can join forces to bid for troubled Adelphia Communications.
Adelphia, currently under Chapter 11 bankruptcy protection following a financial crisis and allegations of boardroom fraud, has withdrawn its objection to a joint bid for all its assets from the nation's two largest cable companies.
The auction, which has so far attracted around forty interested parties, is offering Adelphia in its entirety or as seven separate cable systems. The sale could raise as much as $17 billion (€13bn, £9bn).
Sources close to the company say Time Warner might proceed with a solo bid for the whole of Adelphia. It has been looking for an expansion route since it lost out to Comcast in the battle for AT&T Broadband three years ago.
Data sourced from Wall Street Journal Online; additional content by WARC staff