Comcast’s proposed $45 billion deal with Time Warner was approved by regulators on Tuesday.
The two companies said they will work together to expand their business and services in the United States and beyond.
The Comcast-Time Warner merger will allow the cable giant to offer a “broadband network” that will be accessible to nearly every American.
Comcast’s plan includes creating a joint venture with Time to provide high-speed internet access to all Americans, including businesses.
This is the first major media merger in decades.
Comcast will pay $45.6 billion to Time Warner for the cable company’s cable service and $25.4 billion to Warner Cable to buy Time Warner.
In the deal, Time Warner will get a $50 billion stock purchase and $15 billion in cash.
In exchange, Comcast will give up its majority stake in its Time Warner media assets, including its TV, Internet and media properties.
The deal will also allow Time Warner to continue its operations in the U.S., including expanding its TV service and streaming offerings.
Time to get ready for ‘digital revolution’ Comcast and Time Warner announced a joint video-on-demand platform and an online news site, respectively.
The platforms will also be available for all consumers, including the next generation of consumers, in the future.
“With the help of a broad range of technology and content providers, we will continue to build on our core capabilities to provide consumers with the most relevant, high-quality content, from the most popular and trusted content providers,” Comcast said in a statement.
The companies said that they will also work together on “digital transformation.”
“Together, we intend to accelerate the digital transformation of our businesses, accelerate our growth, and build a more seamless digital experience for consumers,” Time Warner said.
The merger also includes an expansion of Comcast’s business, with Comcast offering new services including internet television and broadband Internet access to businesses and households.
The media company said that it will add the new service, “digital video on demand,” to its existing Internet TV service, as well as to the existing cable and satellite TV services.
Time and Time to start offering new products at the same time The deal also includes the acquisition of an existing media company, TimeWarner Cable.
The company has long been rumored to be interested in the deal.
TimeWarners CEO Steve Burke said in January that the two companies would begin working together on a new media service that will compete with Comcast’s own TV service.
Comcast is reportedly looking to expand its cable television business, including a move into online video and internet video streaming.
The agreement includes a $40 billion payment from Time Warner, and the companies will split $15.9 billion of the deal’s cash.