FCC Could Okay Adelphia Sale by July

The chairman of the U.S. Federal Communications Commission said Wednesday he expects that the agency will complete its review of the proposed sale of Adelphia by mid-July. FCC chief Kevin Martin made the announcement at a monthly open meeting. Time Warner Inc. and Comcast Corp. have agreed to acquire Adelphia Communications Corp. which is in bankruptcy. Executives of the companies have said they expect the deal to be completed by the end of July. FCC approval is the last regulatory hurdle involved in the sale, but there are still several proceedings that Adelphia will be required to go through where its bankruptcy petition is concerned.