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Comcast Plans to Drop Time Warner Cable Merger (Report)

Bloomberg reports cable giant plans to call off record-setting merger

Comcast is planning to call off its merger with Time Warner Cable, according to a Bloomberg TV report.

A formal announcement could come as early as Friday, but the decision has already been made, the financial news network is reporting.

“I’ve been opposed to this deal since it was first announced,” Minnesota Sen. Al Franken said in a statement. “This transaction would create a telecom behemoth that would lead to higher prices, fewer choices, and even worse service. We need more competition in this space, not less. If reports of the collapse of the deal are true, it would be a huge victory for American consumers.”

The move comes following a recommendation by the Federal Communications Commission that the merger be referred to hearing. The procedural move would have stalled the $45.2 billion deal while its terms were examined by an administrative law judge.

FCC staff joined lawyers at the Department of Justice in raising doubts over whether the merger of the nation’s two largest cable operators would benefit consumers.

A representative from Time Warner Cable declined to comment, and Comcast has yet to return TheWrap‘s inquiry.