The Latest: Comcast’s ‘Big Red’ plan could cost consumers billions in new fees
Posted On August 7, 2021
The Latest on the Comcast-Time Warner Cable merger (all times local):11:55 p.m.
President Donald Trump is expected to sign the Comcast and Time Warner Cable purchase agreement Friday, according to a person familiar with the decision.
Trump is expected Friday to sign a deal to acquire the nation’s largest broadband provider.
The person said the announcement was expected to be made in a ceremony at the White House.
The merger would be the biggest acquisition in U.S. history.
It is the latest development in a contentious and costly merger between cable and telecom giants that could cost Americans billions in higher prices.
The deal includes a number of key elements.
It would bring together the nation, Comcast and TWC, a $39 billion media company that operates cable TV and Internet services.
It also includes TWC’s digital TV network, which includes online streaming and video services.
The new cable operator would offer more services, including more broadband.
It could also expand its content offerings, including premium channels.
The combined company would offer a “broadband package” of TV, broadband and phone service, according the person, who spoke on condition of anonymity because the agreement was confidential.
The person said it is unclear whether Trump will be able to block the deal.
Trump has said he would veto any merger with Comcast and the other telecom giants.
The Comcast-TWC deal would include the creation of a new federal regulatory agency to oversee mergers.
The FCC would be responsible for issuing merger approval.
It has not issued a single merger approval in its 14-year history.
The agency also has not approved any merger involving TWC and Comcast since 2009.
In a statement to The Associated Press, the company said it welcomes the President’s announcement and looks forward to continuing to work together with him to help bring a new level of innovation to consumers.
“The President has made clear that we must move toward a more competitive economy, and this is an opportunity for the President to take a critical step toward doing just that,” the company added.