In February Comcast officially announced its intentions to acquire Time Warner Cable for $45.2 billion – something that had been rumored for quite a while, and something that consumers had feared. Primarily, we’re all worried that it’s going to create a giant controlling cable monopoly, controlling all means of communication, including cable and Internet services. In a monopoly scenario, Comcast could potentially charge whatever it wants.
Florida and other U.S. states will join the Justice Department in seeking to determine if Comcast’s plan to merge with Time Warner Cable is legal under U.S. antitrust law, Florida officials told Reuters. Comcast shares slipped just over 1 percent, trading at $49.68 slightly before midday. “We are part of a multistate group reviewing the proposed transaction along with the U.S. DOJ Antitrust Division,” the Florida attorney general’s office said in an email sent late on Tuesday. It was not known how many states had joined the task force.
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