Comcast reportedly will drop Time Warner bid
Spokespeople for the two cable giants weren’t saying anything about reports Thursday, but an announcement was expected Friday. (Update)
More than a year after Comcast announced its much-maligned plan to join forces with Time Warner Cable, the cable companies may have called off their marriage.
According to a report from Bloomberg, the companies are scuttling the deal because of building opposition from the U.S. Justice Department and Federal Communications Commission. The FCC was planning a hearing on the deal, and officials were reportedly concerned that Comcast hadn’t complied with agreements made in its 2011 acquisition of NBCUniversal.
Spokespeople for both Comcast and Time Warner offered no comment Thursday, but an announcement from Comcast is likely Friday.
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