Comcast Corp and Time Warner Cable Inc executives sought to reassure lawmakers on Wednesday that their planned merger would not send cable TV prices skyrocketing but found a fair amount of congressional skepticism.The Senate Judiciary Committee held the first public hearing on the proposed $45.2 billion merger between the two largest U.S. cable companies, a deal that has raised eyebrows among public interest groups and some lawmakers. Comcast promises that it will benefit consumers without eliminating any choices."My concern is that as Comcast continues to get bigger, it will have even more power to exercise its leverage and squeeze consumers," said Senator Al Franken, a Minnesota Democrat who has often opposed media concentration."I'm against this deal," Franken added. "I believe this deal will result in fewer choices, higher prices, and even worse service for my constituents."
Time Warner Cable Inc. (TWC) is a provider of video, high-speed data and voice services in the United States with systems located in five geographic areas: New York State, the Carolinas, Ohio, Southern California and Texas. Shares of TWC traded higher by 1.78% or $2.42/share to $138.34. In the past year, the shares have traded as low as $89.81 and as high as $147.28. On average, 3678970 shares of TWC exchange hands on a given day and today's volume is recorded at 2949037.
Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX traded higher by 1.13% or $0.74/share to $66.00. In the past year, the shares have traded as low as $55.71 and as high as $70.77. On average, 5813260 shares of TWX exchange hands on a given day and today's volume is recorded at 4640357.
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