Comcast, a U.S.-based international mass media company has reportedly called off its $45.2 billion attempt to buy Time Warner Cable, an American cable telecommunications company.
According to reports, US Department of Justice and Federal Communications Commission (FCC) were preparing to turn against the deal after months spent looking into what it would mean for competition in the cable industry. Therefore, fearing that the merger would control 40 per cent of the US broadband market, the department turned against the deal.
Bloomberg reported on the deal that the increased scrutiny made Comcast walk away from a merger.
In February 2014, both the companies had revealed their plans for merging and their shareholders had also signed off on the idea in October, but the regulatory approval remained the main hurdle to nail the deal.