Comcast reportedly abandons acquisition of Time Warner Cable
Comcast is calling off its $45 billion dollar attempt to buy fellow cable provider Time Warner Cable, according to Bloomberg. The decision comes after recent reports that both the US Department of Justice and Federal Communications Commission were preparing to turn against the deal after months spent looking into what it would mean for competition in the cable industry. Apparently Comcast saw the writing on the wall with the increased scrutiny from regulators and has walked away from a merger that would have combined the top two cable operators in the United States. An official announcement that the deal is cancelled could come as early as tomorrow, per Bloomberg’s sources.
Both companies formally revealed their plans to merge last…
Source:: The Verge