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Stocks Re-Tumble After DOJ Said To Block Comcast-Time Warner Deal
Time Warner is down 5-8% on the news that the DoJ is "leaning against" the Comcast deal:
- *DOJ LAWYERS SAID CLOSE TO RECOMMENDING SUIT TO BLOCK CABLE DEAL
- *U.S. SAID GATHERING EVIDENCE TO SUPPORT BLOCKING TWC PURCHASE
This has dragged the broad market lower as Comcast hit back stating "there is no basis for a lawsuit to block the TWC merger."
As Bloomberg reports,
Staff attorneys at the Justice Department’s antitrust division are nearing a recommendation to block Comcast Corp.’s bid to buy Time Warner Cable Inc., according to people familiar with the matter.
Attorneys who are investigating Comcast’s $45.2 billion proposal to create a nationwide cable giant are leaning against the merger out of concerns that consumers would be harmed and could submit their review as soon as next week, said the people.
The antitrust lawyers will present their findings to Renata Hesse, a deputy assistant attorney general for antitrust, who will decide, along with the division’s top officials, whether to file a federal lawsuit to block the deal, they said.
The Justice Department lawyers have been contacting outside parties in the last few weeks to shore up evidence to support a potential case against the merger, one of the people said.
Furthermore, officials at the antitrust division and the Federal Communications Commission, which is also reviewing the deal, aren’t negotiating with Comcast about conditions to the merger that would resolve concerns, such as selling parts of its business or changing practices, said two people familiar with the situation.
Comcast hit back...
“There is no basis for a lawsuit to block the transaction,” said Sena Fitzmaurice, a Comcast spokeswoman. The merger “will result in significant consumer benefits - faster broadband speeds, access to a superior video experience, and more competition in business services resulting in billions of dollars of cost savings.”
Time Warner Cable spokesman Bobby Amirshahi said “we have been working productively with both DOJ and FCC and believe that there is no basis for DOJ to block the deal.”
Comcast has been seeking approval for the merger from the Justice Department and the FCC since it was announced last year. Comcast could still fight any lawsuit in court or attempt to reach a settlement that would let the deal go ahead.
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TWC is down hard - but algos rescued it quickly..
Though the weakness is weighing on the broad market...
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that fucking merger should be opposed; it's an insult to anyone who looks at it.
Somebody failed to donate generously to the Clinton Global Initiative and the DNC. A very public trial & hanging will be held to teach others a valuable lesson.
-- TPTB
go ahead and let them merge. so what, instead of 3 major cable companies there will be 2? nobody watches TV anymore anyways. windy williams, sasquatch hunters, my secret addiction...
TV and Hollywood is for retard fux who like supporting the matrix, the oligarchs and their serfdom. Morons.
All objects disappear once a "voluntary" contribution is made to the Obama retirement fund.
Time Warner and Comcast are scum.
Wrong.
Time Warner and Comcast are doubleplus scum.
I think, I can never earn over which I paid by my precedent employer, but I was wrong, world is so large to try their fate.but now I am making $92/hr even more, can easily minimum $1700/week, on the experience everyone must try to do work online, easy way to earn, here's an example what I do... www.globe-report.com
someone forgot to pay their DOJ fees this month
They had to De-oligarch some folks...
Tsk, what's the world coming to when two big piles of shit can't merge into one giant pile of shit....
I feel an AAPL flash crash coming on.
Call the Cable Guy
I would love to see Larry the Cable guy put an axe through Brian Roberts head. Put it on pay per view.
Hasn't Comcast paid its tribute to the Technocrats?
What's the "hold up".
Pun intended.
The last hour just might be fun today. Absolutely no interim recovery.....So far. Maybe, just maybe. Nah, not possible.
"Like a 2x4 upside the head...
"no basis"
Right on! I mean look at all of the public good that has come from similar mega-mergers and consolidation of media!
What? A monopoly that will bleed people out some more and create a massive propaganda outlet not being allowed? Temporary setback.
Put Hillary on it! Put Jeb on it! Together they can unclog this pipe!
Mergers are good for employment! Kleptoligarchy forward!
It will be double-plus good!
like the DOJ hasn't been sailing under airy-whiffs of ego and nothing these last many years.
Don't worry folks, the J was taken out of the DOJ many years ago.
The Department Of Whatever / DOW ( it takes to keep the markets higher ) has assumed jurisdiction on all such matters where justice was once a consideration.
So interesting. It takes almost 400 Dow points to be down just 2%. 2% is nothing.
Nothing to see here, just move along.
when you consider the leverage...
Worst re-tumble since Lehman?
No Curbs yet? Wake me up when the curbs are flashing and the bankers are jumping out of their palacial shitgum shacks.
Isn’t it better to have one source of news so we don’t get confused by the facts?
/sarc/
comcast ... the shittest company in the country.
Regardless of the fact that Comcast is probably (in terms of customer service) the worst rated company in American history, there is also this-
http://www.digitaltrends.com/business/comcast-reportedly-buying-support-...
Comcast is consistently rated by the plebs as the most hated corporation in America [monsanto is #2].
This deal will only make Comcast a bigger and more stubborn PIA to their subscribers.