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
3/12/2014 10:56:05 AM
It is important for our customers
"We can't expect users to use common sense. That would eliminate the need for all sorts of legislation, committees, oversight and lawyers." -- Christopher Jennings
Confirmed: Comcast Acquires Time Warner Cable for $45.2 Billion
February 13, 2014, 10:51 AM
Quick Note: Amazon UK Offers £10 Back on Any Order £50 or Over
August 3, 2015, 12:05 PM
Editorial: Reddit Allows Itself to be Hijacked as a Hate Platform For Racist Bigots
July 21, 2015, 6:32 PM
Mozilla and Facebook to Adobe: It's Time to Kill Flash
July 20, 2015, 6:30 PM
Instagram Bans "Curvy" From Hashtag Searches, Provokes "Plus Sized" Outrage
July 16, 2015, 1:20 PM
Mozilla Promise Punctual Windows 10 Firefox Release, Teases at iOS Arrival
July 7, 2015, 3:08 PM
Netflix Announces 7-to-1 Stock Split, Eyes Explosive Overseas Growth
June 23, 2015, 8:18 PM
Most Popular Articles
Exclusive: If Intel and Micron's "Xpoint" is 3D Phase Change Memory, Boy Did They Patent It
July 29, 2015, 10:52 PM
Windows 10 to Get New Features in October Service Release 2 (SR2)
July 30, 2015, 5:50 PM
Cortana Help Button is Coming Soon for $23
July 30, 2015, 5:07 PM
EA Set to Milk the Star Wars Cash Cow w/ Video Games
July 31, 2015, 12:36 PM
Quick Note: Apple Watch to Get Brick and Mortar Boost From Best Buy
July 27, 2015, 3:00 PM
Latest Blog Posts
Sceptre Airs 27", 120 Hz. 1080p Monitor/HDTV w/ 5 ms Response Time for $220
Dec 3, 2014, 10:32 PM
Costco Gives Employees Thanksgiving Off; Wal-Mart Leads "Black Thursday" Charge
Oct 29, 2014, 9:57 PM
"Bear Selfies" Fad Could Turn Deadly, Warn Nevada Wildlife Officials
Oct 28, 2014, 12:00 PM
The Surface Mini That Was Never Released Gets "Hands On" Treatment
Sep 26, 2014, 8:22 AM
ISIS Imposes Ban on Teaching Evolution in Iraq
Sep 17, 2014, 5:22 PM
More Blog Posts
Copyright 2015 DailyTech LLC. -
Terms, Conditions & Privacy Information