The cable industry is apparently set to continue it trend toward fewer and fewer providers controlling more and more of the market as Time Warner and Comcast presented a bid Thursday to the bankruptcy court handling Adephia Communications’ petition for bankruptcy protection.

The offer reportedly consists of almost $18 billion in cash and stocks. If the deal is approved, Adelphia’s 5.3 million subscribers would be transferred to Time Warner and Comcast.

In addition to the bankruptcy court, a majority of each class of Adelphia’s creditors must give their assent to the deal.

Adelphia’s bankruptcy filing was made necessary by a scandal in which its founder, John J. Rigas, and his two sons were accused of taking billions of dollars of the company’s money.

Rigas and one of this sons were convicted in the case, but the other son’s trial resulted in a hung jury. The bid by Time Warner and Comcast apparently beat out a last minute offer from Cablevision.
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