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October 5, 2004 Tuesday 9:07 AM
New York (CBS.MW) - Don Logan, who oversees Time Warner Inc.'s cable operations, said Tuesday that his company sees no timetable in place for an acquisition of Adelphia Communications, the No. 5 U.S. cable provider.
"They're driving the process," Logan said at the Goldman Sachs Investment Conference in New York. "We won't be rushed."
Time Warner (TWX), the world's largest media company, has said it is exploring the prospects of joining with Comcast Corp. (CMCSA) to do a joint acquisition of troubled Adelphia, (ADELQ) whose cable assets would complement those of Time Warner and Comcast.
Comcast and Time Warner are, respectively, the Nos. 1 and 2 U.S. cable operators, and both are hungry to expand through purchases, analysts say.
Time Warner will proceed in a "deliberate way," Logan said. He cautioned: "It will take time."
Analysts have speculated that Adelphia's situation won't be resolved until well into next year. Asked by a Goldman Sachs analyst during the conference about his expectations for Adelphia, Logan, a veteran of protracted takeovers, simply smiled knowingly and said, "Who knows how it will" turn out?
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