Comcast to buy Time Warner for $45 billion

BUFFALO, N.Y. (WIVB) – CBS News has confirmed Comcast has agreed to buy Time Warner Cable for $45.2 billion dollars in stock. Comcast is expected to officially announce the deal today.

The buyout would combine the nation’s top two cable television companies and could have twc-comcast-coverage-mapa significant effect on Western New York, where Time Warner has a large presence. With more than 300,000 subscribers, it is the largest TV service provider in the Buffalo-Niagara Region. But it has also been facing increased competition from satellite TV providers Dish Network and DirecTV, and from Verizon FiOS as it has expanded its reach in Western New York.

Time Warner also has hundreds of employees in the area. Just last month it opened a new call center in the former Sheehan Hospital in Buffalo, creating approximately 150 new jobs.

The Comcast deal still needs final approval from government regulators.

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