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After suspending its review of Comcast's acquisition of Time Warner Cable, the United States Federal Communications Commission has decided to restart the process, meaning that Time Warner Cable may be no more in the near future. Comcast offered $45 billion to buy out Time Warner, which had many in the industry calling the potential post-aquisition company "mega Comcast."
"Mega Comcast would control an unprecedented 50 percent of the high-speed broadband wires across the country, and would be on a path to virtual dominance of the high-speed broadband market given that the combined company will pass two-thirds of U.S. household," Public Knowledge CEO and President Gene Kimmelman said.
While many are against the deal going through, Comcast representatives believe the public is being misinformed, and that the majority of consumers are on board with the acquisition.
"Americans are supportive of the Comcast-TWC transaction because they understand the significant benefits it will bring to consumers and the broader public," Comcast spokeswoman Sena Fitzmaurice said. "By spending hundreds of millions of dollars annually to upgrade the Time Warner Cable and Charter [Communications Inc.] networks, millions of Americans will enjoy faster Internet speeds, better technology, greater access and Net Neutrality protections."
The FCC also decided to continue its review of AT&T's acquisition of DirecTV, which is facing similar issues.
A decision should be reached within 180 days.
Written by kjones
July 6th, 2017