Comcast Reportedly Walks Away from Time Warner Cable Takeover

More than a year after Comcast first announced its bid to acquire Time Warner Cable, Bloomberg Business and other sources are reporting Thursday that the deal is dead.

BREAKING: Comcast plans to drop Time Warner Cable deal http://t.co/vttxWKdOnC

— Bloomberg Business (@business) April 23, 2015

“Comcast is planning to make a final decision on its plans Thursday, and a announcement on the deal’s fate may come as soon as Friday,” Bloomberg’s Alex Sherman wrote, citing “people with knowledge of the matter.”

The news comes after the Federal Communications Commission concluded that the $45.2 billion merger should receive a hearing before an administrative law judge, indicating that the agency does not believe it would be in the public interest. Comcast executives confirmed that they met with FCC and Justice Department officials on Wednesday but would not reveal what was discussed.

CNBC, which happens to be owned by Comcast, also reported the news Thursday afternoon:

BREAKING: Comcast could drop bid for Time Warner Cable as soon as Friday, CNBC has learned. http://t.co/qNaDY9cWCc • $CMCSA $TWC

— CNBC Now (@CNBCnow) April 23, 2015

[Photo via screengrab]

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