Representatives of Comcast Corp and Time Warner Cable Inc are preparing to meet US Department of Justice (DOJ) officials to discuss competition concerns raised by the planned US$45 billion merger of the two cable giants, the Wall Street Journal reported on Saturday.
The meeting on Wednesday would aim to negotiate possible concessions addressing those concerns, the Journal said, citing people familiar with the matter.
The paper said that it would be the first time the firms have met with regulators since announcing their proposed deal a year ago.
Staffers at the DOJ and the US Federal Communications Commission (FCC) remain concerned that the combined company would have too much power in the US Internet broadband market, and would have unfair competitive leverage against TV channel owners and businesses offering online video programming, the Journal said.
Representatives of the companies and the justice department did not immediately respond to requests for comment on the Journal report.
BLOCK OR NOT?
News of the planned meeting followed a report by Bloomberg on Friday that staff attorneys at the DOJ’s antitrust division were nearing a recommendation to block the deal.
A spokesman for Time Warner Cable questioned the Bloomberg report, saying on Friday that the company had been working productively with the department and the FCC.
A source close to Comcast on Friday said that discussions with the DOJ had been positive and that the FCC was still gathering material from companies, making it early for any discussion of conditions for a deal.
The Bloomberg report said DOJ attorneys were citing concerns for consumers as they lean against supporting the proposal, and that their review could be handed in as soon as this week.
A final decision would be made by senior officials.
MARKET REACTION
Time Warner Cable shares closed down 5.4 percent at US$149.61 on the New York Stock Exchange on Friday, while Comcast shares ended down 2.1 percent at US$58.42 on the NASDAQ.
In its report on Saturday, the Journal said the DOJ and the FCC were nearing the final stages of scrutinizing the deal. Discussions on potential remedies to concerns would be an indication that the two agencies had not yet made a firm or final decision on the merger, the paper said.
However, it added the meeting could be the first of many and said it was not clear whether the companies could offer concessions that would satisfy the regulators.
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