Comcast abandons $45B Time Warner merger plan

Comcast has abandoned plans to merge with Time Warner Cable.

Comcast Chairman and CEO Brian Roberts said in a statement: 

"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 decision came after the Federal Communications Commission referred the proposed deal to a hearing in front of a judge—a move that had been viewed as a “death sentence” for the plan because of the time and effort it would have taken.

The U.S. Department of Justice was also reported to be leaning towards blocking the merger on antitrust grounds should it have received FCC clearance.

Announced in February 2014, the $45 billion merger would have created a giant in the U.S. telecommunications space.

Together, the two companies account for a third of the U.S. pay TV market and about 40 percent of the wired broadband Internet market.

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