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Restructuring and Recapitalization

Cable merger is bigger than cable [Commentary]

Cable merger is bigger than cable [Commentary]

The cable company is one entity everyone likes to hate. Perhaps this knee-jerk animosity is to blame for the rush to condemn Comcast's proposed $44 billion merger with Time Warner Cable. Critics complain that combining the nation's two largest cable companies would create a "behemoth" with 30 million customers, nearly one-third the cable/satellite market.

But calling this a "cable deal" misunderstands the dynamic nature of the modern video marketplace. America is in the midst of an entertainment revolution, giving consumers more choices than ever. The Comcast-TWC merger is a reaction to this revolution, and evaluating its effects requires a more nuanced...