US media giants Comcast and Time Warner say regulators have nixed their proposed 41.4 billion euro merger and they are abandoning the deal.
The Department of Justice claims the pair joining forces would have made Comcast an “unavoidable gatekeeper” for broadband services for American consumers.
Despite rapid consolidation in the cable TV industry the merger ran into immediate opposition from politicians, media company executives and consumer and industry groups on its announcement.
Many claimed the merged firm would have posed an unacceptable risk to competition and innovation.
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