Google Fiber is getting a big-money deal from Comcast, which is buying Time Warner’s NBCUniversal subsidiary for $44bn.
It’s a big deal for both companies as the two firms fight for supremacy in the cable market.
Comcast is owned by Comcast, the world’s biggest broadband provider, while Time Warner is owned and controlled by AT&T.
The deal is expected to close in the first half of next year, according to a Reuters report.
Google Fiber announced it would purchase NBCUniversal in August for $55bn.
The $45 billion deal, which Google said it expected to announce within the next two weeks, includes a stake in Time Warner and other media businesses.
Google will pay Comcast $8.8bn, including $5.3bn in cash and $1.3 billion in stock.
The company’s other acquisition, Time Warner, will become Comcast’s biggest competitor.
Google has long been a media giant, with the company owning NBC, the Associated Press, CNN and Fox News, among others.
The move will create a company that competes with Netflix and Amazon Prime Video, with Google offering a mix of media and content, such as videos, podcasts and books.
“Today, Google Fiber delivers the best content, the best broadband and the best network,” Comcast CEO Brian Roberts said in a statement.
Comcast said it would give Time Warner access to Google Fiber’s fiber network in its territories and create new business opportunities. “
Time Warner is a global leader in media, and we are delighted to join forces with Google to bring together Comcast and Time Warner to deliver the best Internet experience for everyone.”
Comcast said it would give Time Warner access to Google Fiber’s fiber network in its territories and create new business opportunities.
“We are pleased to join Comcast in providing our customers with the best possible Internet experience, with a strong presence in metro areas,” Time Warner chief executive Brett Ratner said in the statement. Read more