In what would create the largest corporate “behemoth” in the history of the telecommunications industry, cable giants Comcast and Time-Warner on Thursday announced agreement of a $45 billion merger that critics say would be a disaster for consumers.
The deal, if approved by regulators, would see Time-Warner, currently the second-largest provider in the U.S., absorbed by its larger rival Comcast in an all-stock agreement. The merger would give Comcast nearly 30 million paying subscribers, roughly a third of the entire U.S. cable market.
Critics, like executive director of the media watchdog group Free Press Craig Aaron, say that though this deal might be good for the corporate titans involved, it will be a disaster for cable customers everywhere.
“In an already uncompetitive market with high prices that keep going up and up, a merger of the two biggest cable companies should be unthinkable. This deal would be a disaster for consumers and must be stopped,” said Aaron in a statement.
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