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Comcast drops Time Warner merger

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.

Following reports late on April 23 that Comcast was dropping the bid, Comcast Corporation formally announced April 24 that its merger agreement with Time Warner Cable and its transactions agreement with Charter Communications have been terminated.
In a statement, Comcast Chairman and CEO Brian L. Roberts said: “Today, we move on. Of course, we would have liked to bring our great products to new cities, but we structured this deal so that if the government didn’t agree, we could walk away.

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.”

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