Son-in-Law of Adelphia Founder Resigns PostAdelphia Communications...

Son-in-Law of Adelphia Founder Resigns Post

Adelphia Communications Corp., the cash-strapped cable-television provider whose accounting is being investigated by U.S. regulators, said Peter Venetis resigned as director.

A special committee of the board had urged him to step down last month, Adelphia said in a statement. Venetis is the son-in-law of company founder John Rigas, who resigned as chairman and chief executive in May. Rigas’ sons, Timothy, Michael and James, also have quit the board.

Adelphia, in default on more than $7 billion in bank debt and delisted from the Nasdaq Stock Market, is on the brink of filing for Chapter 11 bankruptcy protection, investors have said. Adelphia shares have plunged more than 99% since the company revealed in March that it had guaranteed billions in loans to Rigas family partnerships that weren’t included on the balance sheet.

The Coudersport, Pa.-based company restated two years of results Monday and said it had fired auditor Deloitte & Touche. Its Century Communications unit sought Chapter 11 protection from creditors, a move that may precede a bankruptcy filing by the parent, analysts said.

Bloomberg News

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Directors Guild, TV Networks Reach Accord

The Directors Guild of America has reached an agreement with ABC, CBS and NBC after six months of negotiation.

The guild’s national board approved a three-year contract for its members that includes an annual 3% raise and provisions for diversity hiring.

The contract covers staff and freelance members who work in news, sports and operations at the television networks, the guild said in a statement.

The 3% raise is an across-the-board wage and fee increase each year for staff employees and freelance directors.

Also, freelance associate directors, stage managers and production associates will receive a wage increase of more than 7% over the three years.

CBS is owned by New York-based Viacom Inc. ABC is owned by Burbank-based Walt Disney Co. and NBC is owned by Fairfield, Conn.-based General Electric Co.

Bloomberg News

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Judge Delays Love’s Contract Dispute Trial

A Los Angeles judge delayed the start of a trial pitting rock star Courtney Love against music giant Universal Music in a breach-of-contract case being closely watched as more music artists challenge the terms of their record deals.

Lawyers for both sides declined to comment about a meeting Monday with a court-appointed mediator after the delay was imposed because of a crowded court schedule. In December 1999, Love decided to stop recording for Geffen, the Universal Music label named in the suit.

Universal Music is the world’s largest music company and a unit of France’s Vivendi Universal. Last year, the label and Universal Music sued Love, seeking millions of dollars in damages for five undelivered albums. Love countersued, also in 2001.

Reuters