Adelphia Communications Agrees to Purchase GS Communications, Inc.

New York, NY

Waller Capital announced today that GS Communications has entered into an agreement to sell its cable television systems serving parts of Maryland, Pennsylvania, Virginia and West Virginia to Adelphia Communications. The systems pass over 160,000 homes and serve approximately 123,000 subscribers in the rapidly expanding, high growth Mid-Atlantic region. Waller Capital advised GS Communications on the sale.

The sale is a continuation of a record run for Waller Capital that began in early 1999. During the year, Waller initiated or closed a total of $13.2 billion of M&A transactions for which it was the sell-side representative. Thus far in 2000, Waller has advised on several cable television transactions including the sales of Pegasus Communications’ Puerto Rican cable assets and New England Cablevision.

For more information contact:
John W. Waller, III
Waller Capital Corporation
(212) 632-3600