Opposition grows to Comcast-Time Warner Cable deal
Comcast (CMSCA) shares have slumped roughly 10 percent since it agreed in February to buy Time Warner Cable (TWC), with concerns growing that federal regulators may not sign off on the $45 billion deal. Hoping to shore up support among investors, Comcast said today it would increase its share buyback program by 80 percent, to $2.5 billion, if regulators approve the transaction. How big of an “if” that might be is tough to say. Comcast has already agreed to jettison about 3 million subscribers to allay potential antitrust concerns around the Time Warner Cable, though analysts expect regulators to demand even more concessions. Proceeds from the sale would be used to fund the buybacks.