Comcast is officially walking away from plans to acquire Time Warner Cable, after regulators signaled their displeasure with the deal.
“Today, we move on,” Comcast Chairman and CEO Brian Roberts said 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.”
The deal almost seemed like a foregone conclusion when Comcast announced its $45.2 billion Time Warner Cable acquisition plan last year. As Bloomberg notes, the cable giant spends more money on lobbying in Washington than any other company, and dumped $17 million into its lobbying efforts in 2014 alone.