Adelphia Buys Telecom Assets From Subsidiary

Cable-television provider Adelphia Communications Corp. said Thursday that it bought telecommunications assets in four states for $88.5 million from a subsidiary that sells local and long-distance telephone service.

The No. 6 U.S. cable company also assumed an undisclosed amount of debt from the unit, Adelphia Business Solutions Inc., according to a Securities and Exchange filing. Adelphia Business will use the money to pay down debt.

The company said the network assets sold to Adelphia Communications are used in California, Colorado, Ohio and Virginia.

Both Adelphia Communications and Adelphia Business are based in Coudersport, Pa.

Adelphia Business shares, which have declined 88% in the last year, fell 16 cents to close at $5.84. Adelphia Communications, down 20%, fell $1.56 to close at $42.94. Both trade on Nasdaq.