By KYW tech editor Ian Bush
PHILADELPHIA (CBS) — Comcast, the Philadelphia-based cable television behemoth, has officially dropped its proposed mega-merger with Time Warner Cable.READ MORE: Police Asking For Public's Help In Obtaining Cellphone Video Of July 4 Parkway Shooting That Injured 2 Officers
After developments this week in Washington, it was going to be an uphill climb to say the least for the $45-billion takeover bid by Comcast to be approved by federal regulators.READ MORE: Kyle Schwarber Homers Twice, Phillies Still Fall To Nationals 3-2
Bloomberg News cited “people with knowledge of the matter” in an earlier report that said Comcast was planning on dropping the merger.
Officials have been looking into whether the deal would violate antitrust laws and prevent competition.MORE NEWS: Sergio Diggs, Philadelphia Police Officer Shot On Parkway, Recalls Fourth Of July Incident
Comcast and Time Warner Cable have always argued that it wouldn’t, because they don’t overlap in any market. But many of those opposed to the merger said they were troubled that the combined companies would control more than half of the country’s broadband Internet market, especially with more and more of the cable business migrating from television to data.