A proposed merger between the two giants will not go through.
It appears to be a merger that few consumers wanted to see done.
The proposed merger between Comcast and Time Warner will apparently not go through, according to the latest reports.
Comcast, the nation’s largest communications company, apparently abandon its plans to acquire Time Warner for approximately $45.2 billion. The decision comes after the Department of Justice informed the companies that had significant concerns related to the merger proposal that would trigger antitrust investigations.
Speaking on Friday, Time Warner’s CEO said that while he was not surprised to learn of the mergers failure, he still believed it was a good move for the company.
“We have always believed that Time Warner Cable is a one-of-a-kind asset,” said TWC CEO Robert Marcus, in a statement. “We are strong and getting stronger. Throughout this process, we’ve been laser focused on executing our operating plan and investing in our plant, products and people to deliver great experiences to our customers.”
A statement released by the Department of Justice, Atty. Gen. Eric Holder said that the failure of the merger to pass was a victory for consumers. The Attorney General said that the deal to thwart the merger was a necessary move by the department and that he would continue to look out for consumers moving forward.
“The companies’ decision to abandon this deal is the best outcome for American consumers,” said Attorney General Eric Holder. “The Antitrust Division of the United States Department of Justice has demonstrated, time and again, that it can and will defend the interests of the American consumer no matter the complexity of the issue or the size of the opponent.”
The Department of Justice examined the deal after consumers created an uproar and that the merger would leave few options for Internet providers in the region. Comcast has consistently been rated as one of the most hated companies in America, and the proposed merger seems to have only heightened that feeling.
The decision to thwart the proposed merger comes as Comcast continues to dominate the Internet and television landscape with 21.7 million video subscribers and 20.7 million broadband subscribers. Time Warner, which is based in New York, has approximately 11.4 million video subscribers 11.6 million broadband subscribers. Time Warner cable is the fourth-largest video and third-largest wireless broadband Internet provider in the nation.