Comcast Corp., the nation's largest cable operator, withdrew its unsolicited multibillion-dollar offer to buy Walt Disney Co. Wednesday after the entertainment conglomerate refused to discuss a possible deal.
By PBS NewsHour
The Walt Disney Co. board of directors late Monday unanimously rejected Comcast's $54 billion, all-stock offer to take over the company, saying the offer was too low.
In a move that could transform the media industry, Comcast Corp., the nation's largest cable operator, launched an unsolicited bid Wednesday to merge with troubled entertainment behemoth Walt Disney.
The Federal Communications Commission on Wednesday gave the green light to Comcast Corp.'s proposed buyout of AT&T Broadband, paving the way for the creation of the largest cable and Internet provider in the country.
AT&T Corp. yesterday agreed to sell its cable television business to Comcast Corp. in a $52 billion deal that will create a cable giant double the size of its nearest competitor, AOL Time Warner.
Several major cable providers struck a deal with troubled Internet provider Excite@Home that will keep their subscribers connected to the company's broadband network for the next three months.
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