Comcast Chairman and CEO Brian Roberts said Friday the media giant had made good case for its proposed acquisition of Time Warner Cable. In the end, however it’s “time to move on,” he said.
Roberts appeared on CNBC shortly after Comcast called off its plans to acquire Time Warner Cable amid opposition from regulators, particularly the Federal Communications Commission.
“This situation was an opportunity that we felt was definitely worth trying for,” Roberts said in an interview on CNBC’s “Squawk Box.” But it became clear the $45 billion deal “wasn’t going to happen.”
“That was the judgment we heard and the government had reached,” he continued. “We have to live with it and respect that.”
Roberts said he see opportunities within the diverse portfolio of Comcast companies and elsewhere: “We move forward from here and there’s no looking back.”
“This allows us to think again. And meantime, we report earnings in 10 days, and the momentum in our company has been great. I believe it’s continuing,” he said.
In another aspect to the acquisition being called off, Roberts said, “The deal was going to slightly increase our leverage. That’s now not happening. So that opens up room for further stock buybacks.”
“I think that’s an area that we’re certainly open to thinking about and talking about with the board,” he added.
Disclosure: Comcast is the owner of NBCUniversal, the parent company of CNBC and CNBC.com.