• , Wednesday, April 14, 2004 12 AM

Merrill Lynch expects a "new round of cable consolidation" in 2004. Merrill said, "Adelphia Communications, the fifth-largest U.S. operator of cable systems, may well prove to be the biggest prize, with 5.4 million cable subscribers." Adelphia is expected to emerge from Chapter 11 reorganization later this year. The research firm said Comcast, Time Warner and Cox Communications "are the only entities with sufficient balance-sheet strength to entertain a major acquisition of cable systems, among major cable operators."

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