It’s official: Comcast is ending its bid to merge with Time Warner Cable, ending a year of effort and expense. The company sent out this press release this morning: Read more »
The death isn’t official yet — Comcast is expected to announce today that it’s walking away from the merger with Time Warner Cable it has spent the last year pursuing — but the post-mortems are already being written. (Update: The company made it officials this morning: Merger’s off.)
[Update 4:20 p.m.] CNBC is now reporting that a source has told them that Comcast is planning to drop its plan to merge with Time Warner Cable.
[Original] Comcast is planning to drop plans for its $45.2 billion merger with Time Warner Cable, according to Bloomberg. It cites “people with knowledge of the matter” and said an official announcement could come as soon as Friday.
A Comcast representative declined to comment. Read more »
Federal Communications Commission staff members have recommended a procedural move that could seriously hurt the chances of Comcast’s $45.2 billion merger with Time Warner Cable, according to the Wall Street Journal.
The FCC staff reached a conclusion that the best option for the FCC is to issue a “hearing designation order,” according to people familiar with the matter. In effect, that would put the $45.2 billion merger in the hands of an administrative law judge, and would be seen as a strong sign the FCC doesn’t believe the deal is in the public interest.
The article warns that the situation is still “fluid” with a final decision yet to be made. Read more »
Construction has just begun on Comcast’s second skyline-piercing building in Center City, but company officials may already be thinking ahead to the third.
The Inquirer reports that Comcast has partnered with Liberty Property Trusts to buy land at 19th and Arch, across the street from its current construction site, although officials at both companies say there are no specific plans — yet — for the parcel. Read more »
Comcast announced plans to release a new lightning-fast Internet service in three markets markets, but Philadelphia will have to wait to get its turn.
Dubbed Gigabit Pro, it delivers 2-gigabit-per-second service to homes via a fiber network. Comcast boasts that the service is “at least double what anyone else provides.”
Still seeming to be in ‘pilot mode,’ the company plans to roll out Gigabit Pro first in Atlanta next month, then in the San Francisco area in June. Just this week, the company announced a third market: South Florida. Philadelphia, and other markets, will have to wait until the end of the year. Read more »
We told you Friday that regulators are lining up against Comcast’s acquisition of Time Warner Cable — now news has emerged that Comcast won’t go down without a fight.
Comcast Corp. and Time Warner Cable Inc. are slated to sit down for the first time on Wednesday with Justice Department officials to discuss potential remedies in hopes of keeping their $45.2 billion merger on track, according to people familiar with the matter.
The parties haven’t met face-to-face to hash out possible concessions in the more than 14 months since the deal was announced.
Comcast filed financial information with the SEC today, and there are some juicy nuggets in the report.
It isn’t often that the No. 2 guy makes more than the boss, but it happened at Comcast in 2014 according to the company proxy, just filed at the SEC. CEO Brian Roberts made $32.96 million, up 5.1% — but NBCUniversal chief Stephen Burke got a 9% raise to $33.92 million.
Roberts’ package consisted of a $2.9 million salary, $5.3 million in stock awards, $5.4 million in option awards, $9 million in non-equity incentives, $6.5 million change in pension value, and $4 million in other compensation. The last category includes $346,564 for personal use of the company plane.
Comcast has responded to a Thursday report suggesting a quarter of its Philadelphia customers are unhappy with its service.
After declining to elaborate on its criticisms at a noon-hour press conference by Mayor Nutter, the company later in the day posted a statement from LeAnn Talbot, Regional Senior Vice President, and David L Cohen, the company’s senior vice president, rebutting the report: Read more »