After too much pushback from the FCC, Comcast doesn’t want to buy Time Warner Cable anymore. the cable giant dropped the $45 billion attempted merger as of today.
Reports Bloomberg:
The decision marks a swift unraveling of a deal that awaited federal approval for more than a year. Opposition from the U.S. Justice Department and Federal Communications Commission took shape over the past week, leaving officials of the two companies to conclude the deal wouldn’t pass muster.
Comcast’s board will meet to finalize the decision on Thursday, and an announcement may come as soon as Friday, said one of the people, who asked not to be identified because the information is private. Time Warner Cable executives plan to tell shareholders on an earnings conference call next Thursday how the company can survive independently, the person said.
The deal’s collapse, a major setback for Comcast Chief Executive Officer Brian Roberts, sets off a cascade of recalculations in the businesses of broadband Internet and delivery of television and movies. Comcast must regroup to focus on adding more Internet subscribers and defending its pay-TV business, while Time Warner Cable could pursue other possible merger partners, such John Malone’s Charter Communications Inc.
Time Warner Cable’s CEO sent a letter to employees essentially telling them to keep their chins up, despite being dumped.
The Internets however hate both parties.
Peep more Comcast/TWC shade in the gallery.
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Photos: screenshot
