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$16.5 BILLION ALL-CASH BID BEING MADE FOR ADELPHIA

Cablevision Systems Corp. has made a $16.5 billion all-cash offer for the assets of Adelphia Communications Corp., shaking up the sale process for the bankrupt cable TV company, The Wall Street Journal reported today.

The Journal, citing unidentified people familiar with the matter, said the Bethpage, N.Y.-based company submitted the bid on its own and not with a pair of private equity investors also said to be interested in Adelphia.

Spokesmen for Cablevision and Adelphia both declined to comment.

Earlier reports had indicated that Cablevision was considering joining the bid put together by the private equity investment firms Kohlberg Kravis & Roberts Co. and Providence Equity Partners.

Cablevision would be facing a rival joint bid for Adelphia from the two leading cable TV companies, Comcast Corp. and Time Warner Inc., which the Journal valued at $17.6 billion in cash and stock.

The newspaper said Cablevision's controlling family, the Dolans, aren't expected to give up their voting control of the cable operator if the company wins the bidding.