Comcast has officially canceled its plans to buy Time Warner Cable for $45 billion, citing government opposition to the deal as its main reason.
“Today, we move on,” said Comcast chairman and CEO Brian Roberts in an a statement to CNBC. ”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.”
Meanwhile, TWC seems confident that it can continue forward on its own.
“We are strong and getting stronger,” said the company’s chairman and CEO Robert Marcus. ”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.”
The proposed merger was never very popular among online activists, who saw it as a way for Comcast to expand its already powerful monopoly even further. But the deal didn’t really start to fall apart until the FCC stepped in, apparently partnering with the Justice Department to block Comcast’s plans.