Comcast said on Wednesday it was ending its merger with NBCUniversal, which was originally expected to close in 2018.
Comcast-NBCUniversal had been expected to be the final transaction of its $45 billion merger.
The two companies had been negotiating for several years and agreed on an unprecedented $15 billion deal that would have created a new company with more than 1,000 employees.
Comcast said in a statement that the deal was “committed to working together to maximize our mutual opportunities and ensure that we continue to be a valued partner to NBCUniversal.”
The merger is likely to bring significant pressure on Time Warner as the company’s chief financial officer, David Gertens, is a former Comcast executive.
NBCUniversal shares fell as much as 1.8% in after-hours trading.
Comcast, meanwhile, saw its shares fall as much $3.1 billion.
The merger was expected to create Comcast-branded streaming video and video-on-demand services and a major cable-broadband rival to the likes of Charter Communications.
It would also have allowed Comcast to buy Time Warner Cable and Time Warner.
The deal was expected in 2018, but the timing was not perfect.
Comcast and Time Warner were reportedly looking for a new CEO by that point, and both sides were reportedly pushing for a deal that could be completed before the end of the year.
Comcast’s deal would have seen Comcast buy a stake in NBCUniversal for $5.9 billion, which would have amounted to a 49.9% stake in the combined company.
The purchase was first reported by The Wall Street Journal.
Comcast CEO Brian Roberts said the transaction was completed on Thursday.
“We are closing this transaction,” Roberts said.
“The transaction will result in the formation of a new entity, Comcast-NWC, which will be an entirely new company.
We will not be making any further comment at this time.”
The combined company will remain under Comcast-Verizon umbrella, but will be overseen by Roberts and Comcast Chief Executive Brian Roberts, and it will be the third Time Warner-Comcast deal in the past few years.
Comcast has been struggling with declining subscribers.
The company’s revenue declined 16% last year, according to the most recent company filings, to $3 billion, and net income dropped by about half to $1.6 billion.
Comcast shares rose 1% to $46.85 on Wednesday, with Verizon up 1.2% to close at $46,069.