Report: Comcast to Walk Away From Time Warner Cable Merger

[Update 4:20 p.m.] CNBC is now reporting that a source has told them that Comcast is planning to drop its plan to merge with Time Warner Cable.

[Original] Comcast is planning to drop plans for its $45.2 billion merger with Time Warner Cable, according to Bloomberg. It cites “people with knowledge of the matter” and said an official announcement could come as soon as Friday.

A Comcast representative declined to comment.

The news comes on the heels of reports that members of the Federal Communications Commission and the Dept. of Justice oppose the merger.

FCC staff members were reportedly set to recommend a “hearing designation order,” that would have resulted in a long, drawn-out legal process. Last week, news broke that anti-trust lawyers from the U.S. Dept. of Justice were reportedly set to recommend blocking the deal due to concerns that such a large company would be harmful to consumers.

More on this story as it develops.

Follow @JaredShelly on Twitter. Jared is the editor of Philadelphia magazine’s launching-soon business blog, @BizPhilly.