Comcast drops its $45.2B merger with Time Warner Cable (updated)

Update on April 24: The deal is dead.

“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,” Comcast Chairman and CEO Brian L. Roberts said in a statement. “Comcast NBCUniversal is a unique company with strong momentum. Throughout this entire process, our employees have kept their eye on the ball and we have had fantastic operating results. I want to thank them and the employees of Time Warner Cable for their tireless efforts. I couldn’t be more proud of this company and I am truly excited for what’s next.”

Our original story is below.

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Comcast may be backing away from its plans to take over Time Warner Cable, according to a report today from Bloomberg.

The report, which says an announcement could happen tomorrow, follows earlier reports that regulators opposed the deal.

FCC staffers had decided that the best way to move forward was to give the case a hearing designation order, which could bring the case before an administrative law judge, the Wall Street Journal reported today, citing anonymous sources. That wouldn’t be the best development for Comcast’s bid.

Comcast and Time Warner Cable first announced their intent to do the merger in a $45.2 billion deal in February 2014.

The deal would consolidate half of the consumer broadband market, according to earlier accounts.

Comcast did not immediately respond to VentureBeat’s request for comment on today’s report.