Comcast will abandon its $45 billion bid to acquire Time Warner Cable, according to a Bloomberg report. Unnamed sources say we might hear the news as soon as Friday. CNBC agrees. NYT agrees. This is very good news, if true!
A Comcast-Time Warner Cable merger would be terrible for consumers and business alike. The combined behemoth would control a huge percentage of the country’s broadband, creating a monopoly certain to stifle innovation.
Luckily, the deal is such a ludicrous idea that it seemed doomed from the start. The DOJ and FCC have both hinted their distaste for the deal by throwing their respective regulatory roadblocks in the way.
Contacts at Comcast and Time Warner Cable did not immediately respond to request for comment. The usual hedges about reports from unnamed sources apply: Don’t believe it until you see it. It’s worth noting that a top executive at Comcast posted a lengthy defense of the merger deal yesterday. So unless he missed the memo, we might not be out of the danger zone just yet.