Rigas Family Makes Cable Acquisition

The Rigas family, which controls cable-television company Adelphia Communications Corp., will buy a system with 60,000 California customers from the estate of cable pioneer Bill Daniels. Financial terms weren’t disclosed, said James Brown, Adelphia’s vice president of finance. Officials at Denver-based cable broker Daniels & Associates weren’t available to comment. Based on the average per-subscriber price of about $5,000 in cable acquisitions last year, the system might be worth $300 million. The systems will be operated by Coudersport, Pa.-based Adelphia. The system’s Southern California subscribers are in Carlsbad and Desert Hot Springs. They will be owned by Highland Carlsbad Cablevision Inc., a closely held company owned by the family of Adelphia Chairman John Rigas, Brown said. Adelphia shares rose 56 cents to close at $25.94 on Nasdaq.