Media

Comcast abandons $45bn Time Warner Cable merger

FCC moves to scuttle the deal leads Comcast to walk away

A man walks past the Time Warner Cable headquarters in New York. Comcast said the deal had been structured in a way that if the US government didn’t agree, the companies could walk away
A man walks past the Time Warner Cable headquarters in New York. Comcast said the deal had been structured in a way that if the US government didn’t agree, the companies could walk away
Fri Apr 24 2015 - 13:55

Comcast and Time Warner Cable confirmed on Friday they had abandoned their proposed $45 billion merger.

Comcast said the deal had been structured in a way that if the US government didn’t agree, the companies could walk away.

"Today, we move on," Comcast chief executive Brian Roberts said in a statement.

The deal had faced vocal criticism from some politicians, media company executives and diverse consumer and industry groups, who had worried it would create a monolith with too much control over what Americans do online and watch on TV.

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Comcast shares were up 1.2 per cent at $59.94 in premarket trading, while Time Warner Cable shares were down 0.5 per cent at $148.

Reuters