Comcast on Friday called off its proposed $45 billion acquisition of Time Warner Cable and its prior agreement with Charter Communications.
"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 Roberts said in a statement. "I couldn't be more proud of this company and I am truly excited for what's next."
The move comes after reports the Federal Communications Commission would look negatively on the deal.
"We have always believed that Time Warner Cable is a one-of-a-kind asset, " Chairman and Chief Executive Robert Marcus said in a statement. "We are strong and getting stronger. Throughout this process, we've been laser focused on executing our operating plan and investing in our plant, products and people to deliver great experiences to our customers. Through our strong operational execution and smart capital allocation, we are confident we will continue to create significant value for shareholders."
A spokeswoman for the FCC declined to comment.
(Disclosure: Comcast is the owner of NBCUniversal, the parent company of CNBC and CNBC.com.)