Comcast Is Dropping $45B Time Warner Cable Bid
NEW YORK (AP) — Comcast is dropping its $45 billion bid for Time Warner Cable after heavy regulatory pushback.
The combined company would put nearly 30 percent of TV and about 55 percent of broadband subscribers under one roof.
That would give the resulting behemoth unprecedented power over what Americans watch and download.
Competitors, consumer groups, and politicians have criticized the deal, saying it would lead to higher prices and less choice.
Even with the Comcast deal squashed, cable companies are likely to keep combining as costs rise for the shows, sports and movies they pipe to subscribers and video customers decrease.
Many analysts expect that Charter Communications Inc., which lost out on its bid for Time Warner Cable Inc. to Comcast Corp., to resurrect its effort.