Comcast confirmed swirling rumors from last night (February 12) that it would be acquiring Time Warner Cable earlier this morning. The merger would combine the two top cable companies, making Comcast an even more powerful entity and allowing it to have reach into markets long dominated by Time Warner.
The acquisition was announced via a press release on Time Warner’s homepage, explaining in grand detail the finer points of the deal. In all, Comcast will acquire 100 percent of Time Warner’s stock holdings valued at $45.2 billion. The merger is presented as friendly, with the two companies looking to maximize their cable and communication services to what would amount to around 30 million total customers.
Read more about the deal, including its next step in approval, here: HipHopWired.com
Article and Picture Courtesy of Hip Hop Wired