Friday, April 24, 2015

Comcast ends bid to merge with Time Warner

Posted By on Fri, Apr 24, 2015 at 9:33 AM

The Comcast-Time Warner Cable merger is off.

This morning, Comcast released a statement saying that it's calling off the deal. The decision comes after reports that Comcast and Time Warner faced growing resistance from Federal Communications Commission and Department of Justice staff. Here's the statement from Comcast's Chairman and CEO Brian L. Roberts:

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.
The proposed merger was wildly unpopular with the public. New York regulators, who had to approve the deal for Comcast to acquire Time Warner's franchise agreements across the state, received almost 3,000 comments on the proposed merger, most in opposition. Many public interest groups also opposed the deal, and said that the new Comcast would be too big, would control too much of the pay tv and high-speed Internet market, and would have too much negotiating power over content providers.

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