Comcast has dropped its plans to merge with Time Warner Cable.
Bloomberg reported yesterday that the deal was unraveling, following signs of opposition from the Justice Department and Federal Communications Commission. (Senator Al Franken actually wrote a post for TechCrunch earlier this week outlining his opposition to the deal.)
In a statement posted this morning, Comcast Chairman and CEO Brian Roberts confirmed the news:
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.