Comcast Taps Out of Time Warner Deal

Comcast Taps Out of Time Warner DealComcast is calling it quits.

Bloomberg broke the news Thursday that Comcast is yanking its $45 billion merger proposal with Time Warner Cable, just days after rumors mounted that regulators are poised to block the deal.

“The deal’s demise promises to strengthen the hand of online players like Inc., Netflix Inc. and others providing programming over the Internet,” Bloomberg reports. “Philadelphia-based Comcast, the largest U.S. cable provider, faced scrutiny in Washington over whether it complied with agreements made in its 2011 acquisition of NBCUniversal.”

Comcast is expected to issue a formal announcement at any time now regarding the matter.

Michael Copps, a former FCC commissioner, is among the proposed merger’s critics who finds relief in the news.

“Comcast’s withdrawal of its proposed merger with Time Warner Cable would be spectacularly good news for consumers,” Copps told Bloomberg.