US cable giant Comcast is set to announce a deal on Thursday to acquire Time Warner Cable for $44 billion in an all-stock deal, CNBC's David Faber first reported. Several other publications have also confirmed the deal. (Update: The deal is now official for roughly $45.2 billion.)
It would be a big shake-up for the industry, as Comcast has 22 million customers and Time Warner Cable has 13 million - making one huge force. Time Warner Cable has been looking for a buyer since November 2013. The deal would give Comcast control of Time Warner Cable's New York market, an enticing opportunity for the company given its owner NBC is headquartered there.
If the deal were to be approved by US antitrust regulators, the first and second-largest cable television companies would be combining. It's likely to receive a lot of scrutiny, as the combination would make for a cable powerhouse in the country.
News of the deal follows word on Wednesday that Apple and Time Warner Cable have been working on a content deal for a new Apple TV due out in April. It's not clear where the deal now stands.