Following yesterday's report, Comcast has pulled out of talks to merge with rival Time Warner Cable, announcing today the company has terminated all agreements. The deal is off.
Comcast originally announced the deal to merge with TWC back in 2014, which was valued at $45.2 billion in stock. The merge was met with criticism from not only the general public but government officials (namely the FCC) too. Today, the merge finally caved in, with Comcast CEO Brian Roberts confirming in a statement that the deal is off and the company is moving on.
"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."
In the end government officials stood by consumer and industry groups who feared the merge would create a monolith with a firm grip over coverage across America.