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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 its acquisition of Time Warner Cable (TWC) goes through as planned. 

According to Politico, 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. Politico 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.


[SOURCE: mttlws.com]

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.   

Source: Politico



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RE: Wow...
By superstition on 3/11/2014 10:31:12 PM , Rating: 3
quote:
I can be ashamed that our lawmakers have allowed this type of bribery to continue to exist.

fixed:
quote:
I can be ashamed that we the people have allowed this type of bribery to continue to exist.


There are more of us than there are of them. They only do this with out consent.


RE: Wow...
By Samus on 3/12/2014 12:25:54 AM , Rating: 3
Yeah, I agree. It isn't Comcast's "fault" it's just how business is done. Companies that don't "bribe" enough, like Cogent, Tesla, and thousands of small companies without the revenue or a moral backbone simply don't stand a chance against the big dogs.


RE: Wow...
By Spookster on 3/12/2014 4:02:32 AM , Rating: 2
We the people have no power to force lawmakers to change the lobbying laws. And the lawmakers are not going to bite the hands that feed them. Win-win for companies and lose-lose for us. We live in one of the most corrupt countries in the world but it's legal so everything is a-okay.


"I want people to see my movies in the best formats possible. For [Paramount] to deny people who have Blu-ray sucks!" -- Movie Director Michael Bay

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