It is official. Comcast announced that there will be no Time Warner deal.
Comcast just announced officially that its merger agreement with Time Warner Cable and its transactions agreement with Charter Communications, Inc. have been terminated.
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Comcast Chairman and CEO Brian L. Roberts says in the statement: "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."
As CEO Brian Roberts says, the government is the reason why this deal is not happening. The FCC has recommended a hearing that would have put the merger in the hands of a judge. Comcast decided not proceed with the $45 billion deal under government scrutiny.
Time Warner also issued a statement about the termination of the merger.
“We have always believed that Time Warner Cable is a one-of-a-kind asset,” said Chairman and Chief Executive Officer Robert D. Marcus. “We are strong and getting stronger. Throughout this process, we’ve been laser focused on executing our operating plan and investing in our plant, products and people to deliver great experiences to our customers.
Through our strong operational execution and smart capital allocation, we are confident we will continue to create significant value for shareholders. I’m extremely proud of the professionalism, dedication and resiliency our 55,000 employees have shown over the past year and thank them for their continued commitment to Time Warner Cable.”
Comcast Cable is the nation's largest video, high-speed Internet and phone provider to residential customers under the XFINITY brand and also provides these services to businesses.