Details of the joint bid by Time Warner and Comcast for bankrupt Adelphia Communications are emerging, and they show a plan to dramatically alter the cable universe. Under the terms of the bid, Time Warner would merge all its cable operations into Adelphia and create a new company that would be majority-owned by Time Warner. According to sources, Comcast will contribute as much as $2 billion in cash and its 21% stake in Time Warner Cable to the deal. In exchange, Comcast would get 2 million to 2.5 million subscribers.

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