Comcast reportedly set to drop bid for Time Warner Cable

Good

Comcast Corp. is planning to walk away from its proposed 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 a 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 $45.2 billion 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.


http://www.msn.com/en-us/money/companies/comcast-reportedly-set-to-drop-bid-for-time-warner-cable/ar-AAbAiOL