Comcast buys rival Time Warner Cable

Comcast has confirmed a deal to acquire Time Warner Cable for about $45 billion (£27 billion), creating a company that could control three-quarters of the US cable industry. Comcast will pay about $159 per share for its rival in an all-stock deal. The deal comes after Time Warner Cable rejected a $60-billion bid from Charter Communications last month, calling their offer "grossly inadequate". However, any merger is likely to face tight scrutiny from US regulators. Time Warner Cable has been the subject of an eight-month takeover battle by smaller cable operator Charter Communications. Comcast is the biggest cable television provider in the US and owns the NBC broadcast network, as well as the Universal film studio, according to a news agency.