Comcast Paying Millions to Congress to Solidify Time Warner Cable Acquisition
March 10, 2014 8:25 PM
comment(s) - last by
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.
This article is over a month old, voting and posting comments is disabled
The best government money can buy
3/11/2014 10:29:19 PM
"Let's face it, we're not changing the world. We're building a product that helps people buy more crap - and watch porn." -- Seagate CEO Bill Watkins
Confirmed: Comcast Acquires Time Warner Cable for $45.2 Billion
February 13, 2014, 10:51 AM
Facebook Adds Satire Tags to Its Auto-Generated "Related News" Posts
August 18, 2014, 10:43 AM
Comcast, TWC Pull Dinner Gift for FCC Commissioner... Sort Of
August 15, 2014, 1:10 PM
Comcast Accused of Wooing FCC Commissioner w/ $110K Dinner
August 13, 2014, 8:20 PM
Quick Note: Nokia’s Lumia 520 Available for $39.99 Off Contract Today Only
August 13, 2014, 10:37 AM
Wikipedia Scores $140,000 in Bitcoin Donations in One Week
August 11, 2014, 9:32 AM
China to Require Real Names for Chat Apps
August 8, 2014, 8:28 PM
Most Popular Articles
Lumia 830 Gets Major Upgrades Including New 20.1 Megapixel Toshiba Sensor
August 15, 2014, 6:00 PM
Windows Phone, BlackBerry Smartphone Market Share Falls to 2.5%, 0.5% Respectively
August 15, 2014, 9:44 AM
GM Concedes That the Cadillac ELR Doesn’t Really Compete with the Tesla Model S
August 15, 2014, 5:42 PM
Cell Phone Thief Calls 911 After Her Victim Chases Her and Her Male Cohort
August 14, 2014, 12:11 PM
Smarter Wired, Wireless Chargers Set to Shake Up Mobile Industry
August 14, 2014, 6:39 PM
Latest Blog Posts
Space Terrorism is a Looming Threat For the United States
Apr 23, 2014, 7:47 PM
Facebook Aims to Provide Internet to "Every Person in the World" with Drones, Satellites
Apr 1, 2014, 10:20 AM
Retail Mobile Sites Experience Outages in Light of Simplexity's Bankruptcy
Mar 14, 2014, 8:48 AM
Tesla vs. BMW: Who Has the Safer EV?
Feb 1, 2014, 2:56 PM
Justice Leaks Details of Next HTC One Two Flagship Phone
Dec 5, 2013, 4:04 PM
More Blog Posts
Copyright 2014 DailyTech LLC. -
Terms, Conditions & Privacy Information