Comcast, Time Warner Buy Adelphia

Time Warner and Comcast announced that their three-way deal with cable provider Adelphia completed on Thursday, valued at $12.7 billion. As part of the deal, Comcast will cash out its 17.9 percent stake in Time Warner's cable division and 4.7 percent stake Time Warner Entertainment.

In exchange, Comcast will receive nearly $2 billion in cash and cable systems serving approximately 733,000 Time Warner Cable households. Time Warner stands to gain the most from the transaction - nearly 7.5 million customers in total. Comcast will gain about one million customers from the purchase of Adelphia combined the Time Warner trades.

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