Comcast, Time Warner Deal Is Off: Reports

Apparently, Comcast's meeting with the feds didn't go well yesterday. The company plans to scrap its deal to take over Time Warner and create a gargantuan cable company, reports Bloomberg. Neither company is saying anything publicly, but the New York Times and CNBC have confirmed the news with their own sources. An official announcement could come as early as tomorrow. The news follows reports that regulators opposed the deal as anti-competitive, a view that Comcast officials tried to dispel yesterday in meetings with the Justice Department and the FCC. Shares of both companies climbed after the news broke. (More Comcast stories.)