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Congressional hearing held on Time Warner Cable, Comcast merger

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CNY/NNY/S. Tier: Congressional hearing held on Time Warner Cable, Comcast merger
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WASHINGTON, D.C. -- A proposed $45 billion merger between Time Warner Cable, the parent company of Time Warner Cable News, and Comcast was the topic of a House Judiciary panel on Thursday.

Executives from both companies, including Time Warner Cable CEO Rob Marcus were in attendance at Thursday's hearing. Several opponents also attended the hearing, where executives from each company answered several questions regarding the merger.

"The business rationale under the merger is related to our ability to innovate, invest and stay competitive," said David Cohen, an executive vice president of Comcast.

Lawmakers questioned whether or not the merger would stifle other competition in the broadband market, particularly focusing on online video providers such as Netflix.

Congress doesn't have a role in approving the merger, which must be approved by the Justice Department and the Federal Communications Commission.

A similar hearing was held in April, and focused on the impact to competition and the consumer if the merger was approved.

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