Comcast plans to abandon merger with Time Warner Cable

Comcast is giving up on its planned $45.2 billion merger with Time Warner, sources told Bloomberg today, after it was reported the Federal Communications Commission and the US Department of Justice were planning to block the deal because it would not be beneficial to consumers. The FCC’s planned hearing marked an almost definitive end to the merger in the eyes of Comcast.

The decision of abandoning the mega-merger may become official as early as tomorrow Friday, according to one source who also said executives at TWC will meet next week to explain shareholders how the company will survive on its own.

The cancellation of the proposed merger will bring back Comcast to the drawing board. TWC may resume talks with Charter Communications, which would have gotten 3.9 million customers from Comcast had the merger been approved.

[Source]: Comcast Plans to Drop Time Warner Cable Deal.