Thursday, November 13, 2014

State's Comcast-Time Warner review extended

Posted By on Thu, Nov 13, 2014 at 9:25 AM

The state Public Service Commission has postponed its decision on the proposed Comcast-Time Warner Cable merger. The decision had been expected today. 

In a filing yesterday, Comcast and Time Warner Cable agreed to a request from commission staff to delay the decision, as long as the matter concludes by the end of 2014. The commission meets at 10:30 a.m. today in Albany, and the merger was listed for discussion on the meeting agenda.

November 13 had been set as the decision date under a previous extension agreement. Generally, the extensions are technical matters: federal laws provide the PSC with 120 days to complete merger reviews, but the timeframe can be extended by agreement between the companies and the PSC. The Comcast-Time Warner merger is a complex matter and the PSC has received a large volume of public comments on the proposal — most opposing it.

The Comcast-Time Warner merger would be a $45.2 billion all-stock transaction. Time Warner shareholders wouldn't get cash out of the deal, but stock in the new, bigger Comcast. But before the merger can proceed, the companies need to clear regulatory reviews in states where they provide cable service, as well as federal regulatory and antitrust reviews.

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