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Bloomberg: Comcast Will Drop Time-Warner Deal

Good news for consumers!

Hey, since they'll have all that extra money sitting around, maybe they'll cut our cable charges! (Haha, just kidding. I know better.) Link:

Comcast Corp. is planning to walk away from its proposed $45 billion takeover of Time Warner Cable Inc., people with knowledge of the matter said, after regulators planned to oppose the deal.

Comcast is planning to make a final decision on its plans Thursday, and an announcement on the deal’s fate may come as soon as Friday, said one of the people, who asked not to be named discussing private information.

This week, U.S. Federal Communications Commission staff joined lawyers at the Justice Department in opposing the planned transaction. FCC officials told the two biggest U.S. cable companies on Wednesday that they are leaning toward concluding the merger doesn’t help consumers, a person with knowledge of the matter said.

An FCC hearing can take months to complete and effectively kill a deal by dragging out the approval process beyond the companies’ time frame for completion. Justice Department staff is also leaning against the deal, Bloomberg reported last week.

Comcast shares rose 2.2 percent to $60.06 at 3:07 p.m. in New York, while Time Warner Cable climbed 0.5 percent.

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