Comcast Communications today confirmed it has scrapped the planned merger with US cable rival Time Warner Cable after hitting one too many stumbling blocks.
The deal has been in limbo for some time as deep scrutiny from the FCC took place. Ultimately, that has proven too much for NBCUniversal parent Comcast, which has chosen to walk away.
“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,” said Comcast chairman and CEO Brian Roberts.
“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.”
The development represenys the second major US media deal that has collapsed in the past year, coming after Time Warner decided to reject a US$80 billion approach from 21st Century Fox last fall.