It has been confirmed that the Federal Communications Commission has approved the merger between cable and Internet provider Comcast and entertainment giant NBC Universal.
It was announced recently that the Federal Communications Commission in the United States has approved the merger between communications and broadband company Comcast and the entertainment group NBC Universal. Approval of the merger has also been announced by the Justice Department.
The merger between such a large broadband distribution network and such a well known entertainment giant has been hailed as ‘the holy grail’ of the entertainment industry. It has been compared to the last time this type of union was tried, which was with AOL Time Warner, which saw another similar union between such companies.
The approval was subject to conditions from the FCC, and FCC Chairman Julius Genachowski said in a statement: “The conditions include carefully considered steps to ensure that competition drives innovation in the emerging online video marketplace. Our approval is also structured to spur broadband adoption among underserved communities; to increase broadband access to schools and libraries; and to increase news coverage, children’s television, and Spanish-language programming.”
There was a 4-1 vote in favor of the merger, and the only person to object was Michael Copps, who said: “Comcast’s acquisition of NBC Universal is a transaction like no other that has come before this Commission—ever. It reaches into virtually every corner of our media and digital landscapes and will affect every citizen in the land. It is new media as well as old; it is news and information as well as sports and entertainment; it is distribution as well as content. And it confers too much power in one company’s hands.”
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Source – Wired