Comcast made it official this morning, after news leaked yesterday afternoon: Its proposed merger with Time Warner Cable was not going to happen.
“Today, we move on,” said CEO Brian Roberts in a statement. “Of course, we would have liked to bring our great products to new cities, but we structured this deal so that if the government didn’t agree, we could walk away.”
Comcast spokesman John Demming told Technical.ly Philly the failed deal will not affect the company’s presence in Philadelphia. It won’t affect the development of the company’s second tower, either.
“We’re moving full steam ahead,” Demming said.
When the deal was announced, I had my reservations, but I was thrilled what this could mean for the city of Philadelphia. It would have the potential to bring jobs. It also had the potential to allow this great city to show the world what we are made of, our ingenuity and our spirit. We would have one of the largest companies in America headquartered in the heart of this great city.
In a statement, the Media Mobilizing Project called the news of the failed merger “a breath of fresh air for the poorest big city in the United States,” adding that the group “will now fight for a new Comcast franchise that expands affordable internet, resources for schools and services, workers’ rights, and competition in the hometown we love.”
The man who orchestrated the Time Warner Cable deal, former Comcast CFO Michael Angelakis, will lead a new $4.1 billion investment arm for Comcast, the Inquirer reported earlier this month. Angelakis was also behind the successful merger with NBCUniversal.