Comcast Corp. on Friday ended its plans to acquire Time Warner Cable Inc., as increasing pressure from regulators prompted the end of the $45.2 billion deal.
"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 Chief Executive Brian Roberts said in a news release Friday. In a separate release, Time Warner Cable Chief Executive Robert D. Marcus said his company remains strong. "Throughout this process, we've been laser-focused on executing our operating plan and investing in our plant, products and people," Mr. Marcus said. Shares of Comcast rose 1.2% in premarket trading, while Time Warner Cable shares slid 0.5%. The transaction's demise is a stunning turnaround for the cable deal, one of the largest proposed media mergers in years. When it was announced in February 2014, many on Wall Street believed the deal had a strong shot at being approved, albeit with concessions to regulators.
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