Welcome to the MacNN Forums.

If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

You are here: MacNN Forums > News > Tech News > Comcast lobbyists funding 87 percent of TWC merger oversight officials

Comcast lobbyists funding 87 percent of TWC merger oversight officials
Thread Tools
MacNN Staff
Join Date: Jul 2012
Status: Offline
Reply With Quote
Mar 11, 2014, 01:17 PM
 
Comcast is scheduled to appear before Congress to defend its proposed $45 billion acquisition of Time Warner Cable. Records have recently been uncovered that show Comcast's political action committee having given contributions to 15 of 18 Senate Judiciary Committe members, and 32 of 39 members of the House Judiciary Committee. Both committees have scheduled hearings regarding the merger, and can allow -- or prevent -- the buyout from happening.

The merger is a deal worth $45.2 billion. The purchase will see Comcast acquire all of Time Warner Cable's 284.9 million shares, with the stock-for-stock transaction exchanging each share for approximately 2.875 Comcast shares, or effectively $158.52 per Time Warner Cable share. Due to its size and involvement of media empires, the deal will receive a considerable amount of scrutiny from US regulators, as well as from shareholders. Comcast believes the acquisition will close by the end of 2014, despite the challenges it needs to hurdle.

While the donations are legal, the percent of politicians receiving lobbyist funds is notable. Comcast believes that its donations are "important for our customers, our employees and our shareholders" and are intended to show "that we participate in the political process." Comcast notes that "the majority of our PAC contributions are to the Senators and members who represent our employees and customers." Comcast's statement is correct, but not coincidentally, the contributions made are also to governmental officials who have areas with wide Comcast coverage and who sit on regulatory and oversight boards.

Ellen Miller, executive director of the governmental transparency advocacy group Sunlight Foundation sees the matter a little differently. She believes that "Comcast is a very sophisticated political player. They know that the money they give to both Republicans and Democrats buys them access -- everybody admits that in Washington today. So they have covered their bases by giving to nearly every single member of the committees that do oversight."

Prior to the 2011 and 2012 elections, Comcast doled out $3.5 million on candidates from both parties, in addition to lobbying funds to standing members. Already in 2014, it has paid $2 million, according to federal accounts.

Senator Al Franken (D-MN) also notes the lobbying with concern. "Comcast reportedly has an army of over 100 lobbyists ready to swarm Capitol Hill and whose goal is to push this through. Their top priority is Comcast's bottom line -- not whether this deal will be good for consumers," he said. "There's also a pretty cozy relationship between Comcast and the regulators that will evaluate this deal, which I find troubling."

Another governmental group in Washington, DC which will eventually hear arguments both pro and con about the merger is the House Energy and Commerce Committee. According to a Politico report, Comcast has sent funds to 50 of 54 of the House's Democrats and Republicans. A similar board in the Senate -- the Senate Commerce, Science and Transportation Committee -- has 20 of 24 members accepting money from Comcast.
( Last edited by NewsPoster; Mar 12, 2014 at 05:40 AM. )
     
Senior User
Join Date: Mar 2009
Location: pacific northwest
Status: Offline
Reply With Quote
Mar 11, 2014, 02:42 PM
 
Doesn't surprise me. It hasn't stopped since the good old days with the railroad bought everyone in Washington. It would be funny if the merger doesn't go through and we find out how much money Comcast spent in a failed attempt at buying off government officials. And people thought this only happens in South Korea (Samsung).
     
Mac Elite
Join Date: Aug 2001
Location: Maitland, FL
Status: Offline
Reply With Quote
Mar 11, 2014, 06:04 PM
 
The US gets the government it bought and paid for.
Charles Martin
MacNN Editor
     
Fresh-Faced Recruit
Join Date: Jan 2010
Status: Offline
Reply With Quote
Mar 11, 2014, 08:02 PM
 
Comcast says its donations are "important for our customers, our employees and our shareholders." But these are the people who elected the representatives, so the donations are really unnecessary. Of course, the representatives will do the right thing for the customers, employees and shareholders who elected them, right? I don't understand why Comcast would be wasting their money. I would be like admitting that they want the legislators to do something that is not in the best interest of the constituants. That's impossible, of course.
     
   
Thread Tools
Forum Links
Forum Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On
Top
Privacy Policy
All times are GMT -4. The time now is 11:27 PM.
All contents of these forums © 1995-2015 MacNN. All rights reserved.
Branding + Design: www.gesamtbild.com
vBulletin v.3.8.8 © 2000-2015, Jelsoft Enterprises Ltd., Content Relevant URLs by vBSEO 3.3.2