Comcast Today: Most Americans Dislike Time Warner Merger
You know who else is against the Comcast-Time Warner merger?
America.
A majority of Americans are skeptical about the proposed merger of Comcast Corp and Time Warner Cable Inc, and they are not convinced the U.S. government is doing enough to prevent monopolies generally, according to a Reuters/Ipsos online poll released on Wednesday.
The poll found that 52 percent of those surveyed believed that mergers such as the Comcast-Time Warner Cable deal result in less competition and are bad for consumers, while 22 percent believe they allow cable and internet providers to be more efficient and provide better service to consumers.
The two rivals said last month they were planning a $45 billion combination that would have just under 30 percent of the U.S. pay television video market and a similar share of the high-speed Internet market. The deal is expected to draw close scrutiny from antitrust enforcers and communications regulators, as well as from members of the U.S. Congress.
That certainly gives some of the merger’s vocal critics more room to stand their ground in opposing the merger, but Comcast’s widespread and long-cultivated influence with politicians — at the federal, state, and even local levels — may moot the opposition. And in any case, the company would certainly argue that most Americans won’t see a reduction in competition: In most places, there’s only one cable company to provide service, anyway.
Other Comcastic headlines:
The Senate Judiciary Committee, which was supposed to examine whether to extend a law that allows the direct satellite services to operate, instead heard Minnesota Democratic Sen. Al Franken step up his denunciation of Comcast’s deal for Time Warner. “I believe that the cable industry could become even more powerful if Comcast is allowed to acquire Time Warner. I strongly oppose this acquisition,” said Franken. “One thing is clear. I believe it is a terrible deal for consumers.” The Comcast comments came as the committee met to discuss whether blackouts of TV signals during retransmission disputes or other developments warranted changes in the law that governs satellite TV — the Satellite Television Extension and Localism Act. It is slated to expire this year and needs to be reauthorized. (The Wrap)
The U.S. Senate Judiciary Committee has deferred the hearing on Comcast Corporation’s proposal to acquire Time Warner Cable Inc. The hearing scheduled for Apr 2 has been postponed until Apr 9. (Zacks.com)
Comcast SVP Arthur Block sold 12,562 shares of the company’s stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $50.17, for a total value of $630,235.54. Following the completion of the sale, the senior vice president now directly owns 31,054 shares in the company, valued at approximately $1,557,979. The transaction was disclosed in a filing with the SEC. (WKRB)
Comcast CFO Michael J. Angelakis sold 9,669 shares of the company’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $50.19, for a total transaction of $485,287.11. Following the completion of the transaction, the chief financial officer now directly owns 179,442 shares of the company’s stock, valued at approximately $9,006,194. The transaction was disclosed in a document filed with the Securities & Exchange Commission. (WKRB)
