The news leaked yesterday, but now it’s official — the merger deal between Comcast and Time Warner is officially dead.
Comcast was offering $US45 billion for Time Warner Cable. Combined, the companies would have created the biggest cable company in the country.
The government shot down the deal. On CNBC, CEO Brian Roberts said, “We thought we could get the deal approved.”
Here’s the full press release:
Comcast Corporation announced this morning that its merger agreement with Time Warner Cable and its transactions agreement with Charter Communications, Inc. have been terminated. The following is a statement from Comcast Chairman and CEO Brian L. Roberts:
“Today, we move on. Of course, we would have liked to bring our great products to new cities, but we structured this deal so that if the government didn’t agree, we could walk away.
Comcast NBCUniversal is a unique company with strong momentum. Throughout this entire process, our employees have kept their eye on the ball and we have had fantastic operating results. I want to thank them and the employees of Time Warner Cable for their tireless efforts.
I couldn’t be more proud of this company and I am truly excited for what’s next.”