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June 12, 2000

Adelphia Communications Corporation Announces Agreements to Acquire Cable Systems

COMPANY PRESS RELEASE: John J. Rigas, Chairman and CEO of Adelphia Communications Corporation today announced that Adelphia has entered into agreements regarding the acquisition of cable television systems, including GS Communications, Inc., which will add approximately 155,000 subscribers to its Virginia cluster for an aggregate cash purchase price of $836 million.

By CBR Staff Writer

These systems are expected to have revenue of $110 million and operating cash flow of $55 million for the first full year of operations post-closing. During the last year, these systems experienced 5% basic subscriber growth, which is consistent with historical trends. At closing, these systems will serve digital and data subscribers of 36,000 and 5,000, respectively. With the addition of these subscribers, Adelphia’s Virginia cluster will exceed 700,000 subscribers. It is currently anticipated that these transactions, which are subject to customary closing conditions and the receipt of regulatory approvals, will close in the first quarter of 2001.

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