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BIDDING FOR ADELPHIA HEATS UP, REPORTS SAY

Cablevision Systems Corp., a New York-area cable TV systems owner, has raised its bid for Adelphia Communications Inc. to $17.1 billion in a move that could threaten a competing offer from Time Warner Inc. and Comcast Corp., The Wall Street Journal reported today.

Quoting unidentified people familiar with the matter, the Journal reported that Cablevision made the bid last week, raising its previous offer of $16.5 billion in cash.

A spokesman for Cablevision did not immediately return a call seeking comment, but the company has repeatedly declined to comment on other reports that it was bidding for Adelphia.

Previous news reports have said that Time Warner and Comcast had reached a tentative agreement to acquire the assets of Adelphia, a Denver-based cable company that is still in bankruptcy following an accounting and looting scandal.

That bid was reported to be worth about $18 billion in cash and stock.