Comcast today confirmed it has abandoned its bid to buy Time Warner Cable for $ 45.2billion and create a mega-size TV and internet provider . 'Today , we move on . Of course , we would have liked to bring our great products to new cities , but we structured this deal so that if the government didn ’ t agree , we could walk away , ' Comcast CEO Brian Roberts said in a statement . On Wednesday night , it emerged that Federal Communications regulators decided that merger was n't in the public interest and threw up a regulatory roadblock that would have bogged the deal down for months and may have killed it entirely . This followed fierce opposition from net neutrality activists and content providers like Disney and 21st Century Fox . Scroll down for video . Comcast CEO Brian Roberts declared , 'today we move on ' in announcing that the company was abandoning its bid to buy Time Warner Cable . Mega-merger : The $ 45.2billion deal would have merged Comcast 's 30million customers with Time Warner Cable 's 11million . The new company would have spun off or sold 3.9million customers . Comcast , already the biggest cable and internet provider in the country , has 30million subscribers . Time Warner is the no . 2 cable company in the US and the fourth-largest broadband TV and internet provider . 'Comcast NBCUniversal is a unique company with strong momentum . Throughout this entire process , our employees have kept their eye on the ball and we have had fantastic operating results . I want to thank them and the employees of Time Warner Cable for their tireless efforts , ' Roberts said . The proposed merger would have controlled 57percent of the broadband internet market and 30 percent of the paid TV market with more than 27million customers across the nation . On Wednesday night , the Wall Street Journal revealed that FCC regulators questioned whether the creation of mega-size TV and internet provider was in the public interest . Staffers reportedly planned to recommend that an administrative law judge review the deal - a regulatory obstacle that is likely to cost both companies several months of hearings and many millions of dollars . The hearings were likely to draw the companies past the merger deadline , at the very least . Columbia University professor and net neutrality activist Tim Wu tweeted : 'Comcast merger is dead . ' CNN 's Brian Stelter reports that some inside the companies were talking about the deal in the past tense almost immediately after the FCC decision . 'This is one of those deals where the opponents of the merger have been one of the most vocal I can remember , ' said S & P Capital IQ Tuna Amobi . One concern , for example , is that the company could undermine the streaming video industry by requiring onerous payments from new online-only video providers for connecting to its network . Dish , the satellite TV company behind the new Web video service Sling TV , and Netflix are opposed to the deal . Another charge is that Comcast has n't stuck to conditions imposed on it when it bought NBCUniversal . The company says it has , except for one circumstance when the FCC found it was n't promoting a stand-alone Internet service . Comcast says it fixed that . Pushback against the merger picked up in the last couple weeks .
Merger between two largest cable companies have given the new firm control of 57percent of broadband internet market and 30percent of paid TV . 'Today we move on , ' says Time Warner Cable CEO Brian Roberts . Time Warner Cable has 30million subscribers and Comcast boasts 11million ; new company would have spun off or sold 3.9million . FCC staffers recommended the merger be sent to a judge for review - a significant regulatory hurdle . Regulators questioned whether merger was in the public interest .