Comcast has confirmed the news that it is abandoning plans to acquire Time Warner Cable, The New York Times reports.
In a development that became apparent late Thursday, as we reported previously, the media giant gave up on the $45 billion deal after encountering a rising tide of regulatory resistance.
In a statement released today, Comcast CEO Brian L. Roberts is quoted in the report saying: “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.”
The Times report notes: “Combined, the companies would have controlled as much as 57 percent of the nation’s broadband market and just under 30 percent of pay television service. That threshold appeared to be too much for federal regulators, who had signaled that they were leaning toward blocking the deal.”
As far as what happens next on the cable TV landscape, a report by Forbes explores the possibility of a combination involving Time Warner Cable, Charter Communications and Bright House. Please click here for details.