Comcast, Time Warner Move Higher Amid Dissolution Of Acquisition

Shares of Comcast Corporation CMCSA jumped following news that it will abandon its pursuit of Time Warner Cable Inc TWC.

Comcast planned to walk away from the proposed $45 billion takeover of Time Warner, according to a report from Bloomberg, with a formal announcement expected as soon as Friday.

“This week, U.S. Federal Communications Commission staff joined lawyers at the Justice Department in opposing the planned transaction. FCC officials told the two biggest U.S. cable companies on Wednesday that they are leaning toward concluding the merger doesn’t help consumers,” according to sources speaking to Bloomberg.

Separately, CNBC reported Comcast was holding a call with top executives on the deal. Reuters said "a formal announcement is expected as early as Friday, the person added, asking not to be identified because the deliberations are confidential. Comcast and Time Warner Cable declined to comment."

Comcast traded at $59.71 in Friday's premarket, up 0.87 percent.

Time Warner Cable traded at $150.90, up 1.44 percent.