Comcast burned $336 million making an attempt to purchase Time Warner Cable
Comcast’s failed bid for Time Warner Cable did not simply depart egg on the corporate’s face — it was additionally horrendously costly. The cable big’s newest earnings recommend that it chewed via a complete of $336 million in “transaction-associated prices” for the would-be merger, $ninety nine million of which was spent within the final quarter alone. And, as Ars Technica notes, this solely accounts for instantly associated prices like authorized charges, employed contractors and instantly related lobbying efforts. Not that TWC emerged unscathed, both, because it paid $200 million.
That last $ninety nine million expense comes at a bittersweet time for Comcast. It racked up over $2 billion in revenue throughout its first calendar quarter this yr, nevertheless it additionally revealed that its web subscriptions have grown so shortly that it ought to have extra clients on broadband than TV as of this quarter. The corporate chalks this as much as web entry being a “much less mature market” with extra room to develop, nevertheless it has additionally misplaced TV viewers up to now a number of quarters. In different phrases, it is having hassle convincing folks that they want rather more than an honest web connection and a Netflix account.
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