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Comcast has pulled its $45 billion bid for Time Warner Cable after failing to convince regulators that a deal that would have been beneficial the US media and Internet landscape.
The end to the 14-month attempt to combine the two largest US cable and Internet providers came after comms regulator the FCC recommended a lengthy procedural hearing that looked likely to thwart the merger.
From the moment the Comcast-Time Warner deal was proposed, critics questioned the possible consumer benefit from a merger that created a company with such a large share across multiple markets.
Comcast NBCUniversal is a unique company with strong momentum. Throughout this entire process, our employees have kept their eye on the ball and we have had fantastic operating results. I want to thank them and the employees of Time Warner Cable for their tireless efforts.
I couldn’t be more proud of this company and I am truly excited for what’s next.”