Comcast to Buy Time Warner Cable for $45 Billion

The two largest cable companies in the United States are set to combine.

Comcast is set to buy Time Warner Cable for $45.2 billion, according to The Hollywood Reporter. The deal is expected to be finalized by the end of the year if it meets regulations set forth by the FCC and the U.S. Justice Department.

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The acquisition will bring about "accelerated deployment of existing and new innovative products and services for millions of customers," the companies said in a joint statement, according to THR. "Through this merger, more American consumers will benefit from technological innovations, including a superior video experience, higher broadband speeds, and the fastest in-home Wi-Fi."

Currently, Comcast has 21.7 million cable subscribers and Time Warner has 11.3 million.

Comcast Cable president Neil Smit will head up the new company, THR reports.

Last year, Comcast purchased control of NBCUniversal from General Electric. Charter Communications was recently in talks to purchase Time Warner, but the company rejected what it called a "lowball" offer of $132.50 a share, according to THR. Comcast is paying $159 a share.