Comcast to Drop $45 Billion Time Warner Cable Bid

By Chris Ariens 

Bloomberg reports Comcast is “planning to walk away” from its $45 billion bid to acquire Time Warner Cable, a deal which was 14 months in the making and which was given less likelihood of coming to pass following regulatory meetings in Washington yesterday. Reports Bloomberg:

A formal 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.

The deal was first announced in Feb., 2014 and was approved by Time Warner Cable shareholders in October.

There would have been some overlap in the news content side of the business. Comcast owns NBCUniversal, including the NBC Owned Stations division which produces local news. Time Warner Cable has several local news production facilities including NY1 in New York City, and outlets in upstate New York, North Carolina and Texas.