Business: Comcast Calls Off Time Warner Cable Merger

Comcast came down with a case of cold feet before the wedding of Comcast and Time Warner Cable. Comcast, which was planning to buy Time Warner for $45 billion, is now abandoning the plan due to much scrutiny from the public. After meeting with the Justice Department and the Federal Communications Commission, the deal was called off days later. Many groups worried the merger between the companies would place too much power and market control in the hands of just one company. According to the New York Times, “the combined company would have controlled just under 30 percent of paying television subscribers and 35 to 50 percent of the nation’s broadband Internet service, depending on how regulators define the market.”

Contributor: Ashni Nadgauda

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