By Naina Bajekal
April 24, 2015

Comcast officially announced Friday that it has abandoned a $45 billion takeover bid for Time Warner Cable, after significant opposition from U.S. regulators. The deal, first reported last February, would have combined America’s two largest cable companies.

Brian L. Roberts, Comcast Chairman and CEO said in a statement: “Today, we move on. Of course, we would have liked to bring our great products to new cities, but we structured this deal so that if the government didn’t agree, we could walk away.”

He thanked his employees and said “I couldn’t be more proud of this company and I am truly excited for what’s next.”

Write to Naina Bajekal at naina.bajekal@time.com.

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