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Comcast, Time Warner deal nixed

Media | 04/24/2015 1:36 pm EDT

Comcast Corp. on Friday confirmed that it is walking away from its proposed $45-billion US buyout of Time Warner Cable Inc. In a statement on Comcast's website, CEO Brian Roberts said: "Today, we move on. 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." The deal, announced in February 2014, would have combined the two biggest cable providers in the U.S., according to Bloomberg. The New York Times reported that Comcast had met with the Federal Communications Commission (FCC) and U.S. Justice Department Wednesday. The Wall Street Journal reported that staff at the FCC were recommending a hearing into the merger, a step that has usually resulted in rejections of such proposals....