BREAKING: Comcast Plans to Drop Time Warner Cable Deal

It looks like Comcast is going to withdraw it's controversial mega-merger with Time Warner Cable. Had the $45 billion deal gone through it would have led to drastically less choice in Internet providers and higher prices across the country. The story is still developing so we'll keep you posted. Article by Alex Sherman for Bloomberg Business Comcast Corp. is planning to walk away from its proposed $45 billion takeover of Time Warner Cable Inc., people with knowledge of the matter said, after regulators planned to oppose the deal. Comcast is planning to make a final decision on its plans Thursday, and an announcement on the deal’s fate may come as soon as Friday, said one of the people, who asked not to be named discussing private information.

It looks like Comcast is going to withdraw it's controversial mega-merger with Time Warner Cable. Had the $45 billion deal gone through it would have led to drastically less choice in Internet providers and higher prices across the country. The story is still developing so we'll keep you posted.

Article by Alex Sherman for Bloomberg Business

Comcast Corp. is planning to walk away from its proposed $45 billion takeover of Time Warner Cable Inc., people with knowledge of the matter said, after regulators planned to oppose the deal.

Comcast is planning to make a final decision on its plans Thursday, and an announcement on the deal’s fate may come as soon as Friday, said one of the people, who asked not to be named discussing private information.

This week, U.S. Federal Communications Commission staff joined lawyers at the Justice Department in opposing the planned transaction. FCC officials told the two biggest U.S. cable companies on Wednesday that they are leaning toward concluding the merger doesn’t help consumer consumers, a person with knowledge of the matter said.

An FCC hearing can take months to complete and effectively kill a deal by dragging out the approval process beyond the companies’ time frame for completion. Justice Department staff is also leaning against the deal, Bloomberg reported last week.

Comcast shares rose 2.2 percent to $60.06 at 3:07 p.m. in New York, while Time Warner Cable climbed 0.5 percent.

​- Read more at Bloomberg.com