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Comcast CEO bowed but not broken by deal’s collapse

By
Post Staff Report
Published April 24, 2015, 9:47 a.m. ET

Comcast CEO Brian Roberts is moving on from Time Warner Cable.

The cable chieftain officially dropped his $45 billion takeover proposal Friday morning after it became clear that regulators were prepared to kill it.

“Today, we move on,” Roberts said in a statement. “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.”

There was no breakup fee attached to the deal, so Comcast isn’t on the hook for a hefty payout.

The deal to combine the nation’s two largest cable players drew stiff resistance from competitors, consumer groups and lawmakers, who said it would lead to higher prices and less choice.

The combined company would have controlled nearly 30 percent of the cable TV market and about 55 percent of broadband subscribers.

In particular, regulators were concerned that Comcast, which also owns entertainment giant NBCUniversal, would use its new clout to hammer rival Internet streaming services such as Netflix and Amazon’s Prime video.

Comcast, in turn, balked at making major concessions to appease regulators. The regulatory review had dragged on for 14 months with the Federal Communications Commission and the Department of Justice poring over every aspect of the deal.

The FCC, which approved Comcast’s 2010 purchase of NBCU with conditions, wanted the combined company to undergo structural changes, such as spinning off assets like NBCU, rather than making tweaks to its business practices, The Post reported.

“Comcast and Time Warner Cable’s decision to end Comcast’s proposed acquisition of Time Warner Cable is in the best interests of consumers,” FCC Chairman Tom Wheeler said in a statement.

“The proposed transaction would have created a company with the most broadband and video subscribers in the nation alongside the ownership of significant programming interests.”

Comcast also canceled a related deal to sell cable systems with 3.9 million customers to Charter Communications as part of an effort to appease regulators.