Comcast Paying Millions to Congress to Solidify Time Warner Cable Acquisition
March 10, 2014 8:25 PM
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Democrats and Republicans alike are getting paid via lobbying and donations
Comcast is throwing around some major cash to make sure
of Time Warner Cable (TWC) goes through as planned.
, Comcast used its political action committee to pay millions of dollars in lobbying, which paid many lawmakers responsible for overseeing the acquisition. The company even made donations to charities in an effort to put itself in a favorable light.
Comcast reportedly gave 15 of the 18 members of the Senate Judiciary Committee as well as 32 of the 39 members of the House Judiciary Committee some type of compensation or donation. Both committees are due to partake in hearings regarding the Comcast deal.
“Comcast NBCUniversal operates in 39 states and has 130,000 employees across the country,” said Comcast spokeswoman Sena Fitzmaurice. “It is important for our customers, our employees and our shareholders that we participate in the political process. The majority of our PAC contributions are to the senators and members who represent our employees and customers.”
It's not real surprising that Comcast used its heavy pockets to get lawmakers on its side.
said Comcast spent more than $3.5 million USD during 2011 and 2012 on several Democratic and Republican candidates. For 2014, it has paid nearly $2 million USD already, and that's not including the millions of dollars of lobbying and donations sent annually.
The Senate Judiciary Committee has a hearing on the matter scheduled for March 26.
Comcast confirmed its
acquisition of TWC for $45.2 billion USD
in mid-February. It's set to be an all-stock transaction.
The deal, which should be completed by the end of 2014 (after approval by stockholders and regulators, of course), will give TWC investors 2.875 Comcast stock for each of their shares. TWC shares are valued at $158.82 a piece.
TWC shareholders will own about 23 percent of Comcast’s common stock, and the press release said Comcast plans to buy back an additional $10 billion of its shares.
The deal will up Comcast’s free cash flow per share and produce savings of about $1.5 billion. The overall acquisition values TWC at at about $69 billion including net debt.
The National Cable Television Association said Comcast and TWC merged would account for almost three-quarters of the cable industry.
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