US cable giant Comcast has withdrawn its US$45 billion bid for Time Warner Cable (TWC) after failing to convince regulators that that deal would be in the public interest, Financial Times reported.
The company will issue a statement Friday regarding the issue, the paper said, citing a source familiar with the matter.
The move will put an end to a 14-month quest to combine the two largest US cable and internet providers, which has sparked concern among regulators and consumer groups.
Though TWC was scrambling to salvage the deal and had made last-minute overtures to Comcast in a bid to bring it back to the negotiating table, the efforts have not succeeded, FT said.
Its fate seems to have been sealed on Tuesday when antitrust staff at the Federal Communications Commission recommended that the deal be referred to an administrative judge, it said.
The Comcast-TWC tie-up had been opposed by open-internet advocates and companies such as Discovery Communications and Netflix amid fears of monopolistic practices.
– Contact us at [email protected]