In a speech yesterday at the Merrill Lynch Media & Entertainment conference in Pasadena, Calif., Comcast chief Brian Roberts, said he expects the Adelphia Communications auction to be a long process. Roberts focused more on a separate deal Comcast has struck with Time Warner under which it will give up 4% of its 21% stake in Time Warner Cable in exchange for $750 million in cash and 90,000 cable subscribers.

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