More than a year after announcing plans for a $45.2 billion marriage between the two largest U.S. cable companies, Comcast Corp. is walking away from the altar on its planned purchase of Time Warner Cable Inc. Facing strong opposition from the U.S. Department of Justice, Comcast could announce as soon as today that it’s scrapping the deal, people with knowledge of the matter said.
The decision to scuttle the acquisition will make waves across the pay-television industry, but it could be felt acutely in the St. Louis area. Charter Communications, which was formerly based in the area and still has a large employee base there, was in talks to merge with Time Warner before the Comcast-Time Warner deal emerged. Those talks could be revived.
After discussions with Time Warner cooled, Charter agreed to acquire Bright House Networks for $10.4 billion. That deal is now in jeopardy.
Additionally, Charter had agreed to take 3.9 million Comcast television subscribers as part of the Comcast-Time Warner deal. It won’t get those customers any longer.