An electronic dispersion compensation (EDC) arrangement for a multi-channel optical receive utilizes a time division technique to “share” a common adaptive algorithm block between a plurality of N separate channels. The algorithm block embodies a specific algorithm associated with correcting/updating tap weights for the delay lines forming the equalizing elements, and a time slot assignment element is used in conjunction with the algorithm block to control the access of the various channels to the algorithm block. In situations where certain channels experience a greater degree of dispersion than others, the time slot assignment element may be configured to allot a greater number of time slots to the affected channels.