Comcast announced Friday morning what many had already believed was true: it’s merger with Time Warner Cable was officially dead.
Comcast’s board met late Thursday to discuss terminating the proposed $45 billion deal.
The merger was widely believed to be troubled. Lawyers for the Justice Department were reportedly preparing to oppose the deal on antitrust grounds.
The FCC was also prepared to recommend an administrative hearing and review of the proposed merger.Because an administrative hearing would have dragged the deal outside thecompanies’ deadline to complete the transaction, the FCC’s action would have effectively scuttled the merger, Reuters reports.
In announcing that the deal was dead,Comcast Chairman and CEO Brian L. Roberts issued the following 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.”