Press reports indicate that Comcast will abandon its $45 billion takeover of Time Warner Cable. The following statement may be attributed to Benton Foundation Director of Policy Amina Fazlullah:
Today’s announcement is a major victory for consumers and the future of communications in the U.S. With high-capacity broadband growing in importance each day, more and more consumers are realizing that putting 50 percent of the broadband market into Comcast’s control would result in too much power in the hands of one company. Hopefully, moving forward, Comcast and Time Warner will take the path of competition over consolidation and consumers will benefit with more choices, better services, lower prices, and increased innovation.
Benton commends the expert work of the Department of Justice and Federal Communications Commission staffs who were charged with taking a fact-based look and ensuring the deal would support the public interest.