The regulatory rejection of Comcast's $45.2 billion plan to merge with Time Warner Cable represents a huge, stunning defeat for the conglomerates' legion of lobbyists and corporate lawyers.
Key among the collateral impact of the scuttled merger between Comcast and Time Warner Cable last week was the simultaneous collapse of GreatLand Communications, a new cable company that was set to be formed as an adjacent part of the megadeal.
Just hours after Comcast and Time Warner Cable officially confirmed that their marriage is off comes word that Charter Communications is preparing to make its next bid for TWC.
And then it just died. Comcast said it is ending its $45.2 billion bid to buy Time Warner Cable and create the nation's largest cable and broadband company. The decision to drop the deal likely clears the way for regulators to approve AT&T $48.5 billion acquisition of DirecTV.
To gain approval for its proposed $45.2 billion takeover of Time Warner Cable, FCC commissioners demanded that Comcast choose between keeping NBCUniversal or its X1 video platform.
Facing intense regulatory pressure, Comcast has killed its proposed acquisition of No. 2 MSO Time Warner Cable and will "move on," Chairman-CEO Brian Roberts said in a statement.
As expected, Comcast has announced that it's ending its $45.2 billion quest to buy Time Warner Cable. The termination announcement comes a full 14 months after Comcast originally announced one of the biggest, most controversial media infrastructure deals in history.
AT&T has completed the third largest corporate bond sale--$17.5 billion--to help pay for its DirecTV acquisition.
Comcast could announce as soon as Friday that it's walking away from its proposed $45.2 billion takeover of Time Warner Cable, according to Bloomberg.
Regulatory prospects for the proposed $45.2 billion merger of Comcast and Time Warner Cable went from bad to bleak Wednesday, with the Federal Communications Commission recommending that final approval for the deal be handled by an administrative law judge.