Back in February of last year Comcast announced that it would be buying Time Warner Cable and now the company has confirmed that the deal will not be going ahead.
Comcast has previously announced a deal between the two companies that was worth $45 billion, the reason the deal fell through was due to concerns by the FCC and the Government.
“Today, we move on,” Comcast chairman and CEO Brian Roberts said. “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.”
He added: “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.”
Obviously the FCC had concerns about the two companies merging together and whether that would be good for consumers.Filed Under: Technology News