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Before the FEDERAL COMMUNICATIONS COMMISSION Washington, D.C REDACTED – FOR PUBLIC INSPECTION Before the FEDERAL COMMUNICATIONS COMMISSION Washington, D.C. 20554 In the Matter of ) ) Applications of ) ) Comcast Corp. and ) MB Docket No. 14-57 Time Warner Cable Inc. ) ) For Consent To Transfer Control of ) Licenses and Authorizations ) APPLICATIONS AND PUBLIC INTEREST STATEMENT DESCRIPTION OF TRANSACTION, PUBLIC INTEREST SHOWING, AND RELATED DEMONSTRATIONS COMCAST CORPORATION TIME WARNER CABLE INC. 300 New Jersey Avenue, N.W. 901 F Street, N.W. Suite 700 Suite 800 Washington, DC 20001 Washington, DC 20004 April 8, 2014 REDACTED – FOR PUBLIC INSPECTION TABLE OF CONTENTS Page No. I. INTRODUCTION AND SUMMARY ................................................................................1 II. DESCRIPTION OF THE TRANSACTION .......................................................................7 A. The Proposed Transaction ........................................................................................7 B. The Applicants .........................................................................................................7 1. Comcast........................................................................................................7 2. Time Warner Cable ....................................................................................13 III. STANDARD OF REVIEW ...............................................................................................16 IV. THE TRANSACTION IS PRO-CONSUMER, PRO-COMPETITIVE, AND WILL GENERATE SUBSTANTIAL PUBLIC INTEREST BENEFITS. .......................20 A. Overview ................................................................................................................20 1. Applicants Compete in a Dynamic, Expanding, and Highly Competitive Marketplace ...........................................................................20 2. The Key Economic Drivers of the Transaction Will Produce Substantial Benefits ...................................................................................23 B. Consumers Will Benefit Directly from Advances in Broadband, Video Technologies, Digital Voice, and Other Innovations to Residential Services ..................................................................................................................28 1. The Transaction Will Accelerate Broadband Deployment, Increase Broadband Competition and Innovation, and Expand Broadband Adoption ....................................................................................................28 2. The Transaction Will Accelerate Deployment of Advanced Video Technologies and the Development of New and Innovative Video Products and Services ................................................................................67 3. The Transaction Will Promote the Deployment of Advanced Voice Services and Enhance Competition in the Voice Marketplace. .................83 C. Businesses of All Sizes Will Benefit from a Substantial Increase in Much- Needed Competition and the Accelerated Deployment of Advanced Services ..................................................................................................................85 i REDACTED – FOR PUBLIC INSPECTION 1. Comcast’s and TWC’s Proven Track Records, Though Limited in Scope to Date, Demonstrate the Power of Competition in This Space ..........................................................................................................86 2. The Transaction Will Enhance Competition for Medium-Sized, Regional, Super-Regional, and Enterprise Businesses ..............................90 3. The Transaction Will Enhance Competition for Wireless Backhaul Services ......................................................................................................97 4. The Transaction Will Inure to the Benefit of Small Businesses. ...............98 D. The Transaction Will Accelerate the Deployment and Adoption of Next- Generation Cable Advertising Technologies that Will Benefit Advertisers and Consumers .....................................................................................................100 E. The Transaction Will Generate Other Significant Public Interest Benefits .........106 1. Consumers Will Benefit from the Extension to the TWC Systems of Various Commitments and Obligations in the NBCUniversal Order, as Well as Comcast’s Best-in-Class Community Investment and Diversity Programs............................................................................106 2. The Transaction Will Generate Significant Public Interest Benefits for People with Disabilities ......................................................................120 3. The Transaction Will Enhance Cybersecurity for the Combined Entity’s Network and Customers, as Well as the Overall Broadband Ecosystem ..............................................................................124 V. THE TRANSACTION WILL RESULT IN NO PUBLIC INTEREST HARMS. ..........................................................................................................................126 A. Overview of Competitive Analysis ......................................................................127 B. Relevant Markets .................................................................................................129 1. MVPD Services .......................................................................................131 2. Video Programming .................................................................................132 3. Internet Access Services ..........................................................................134 4. Internet Interconnection ...........................................................................135 5. Telephony ................................................................................................136 6. Advertising ...............................................................................................137 ii REDACTED – FOR PUBLIC INSPECTION C. Because the Parties Do Not Compete for Consumers, There Is No Plausible Theory of Competitive Harm Arising from the Horizontal Elements of the Transaction.................................................................................138 1. The Transaction Will Not Reduce Competition in Any Relevant Market for MVPD, Broadband, or Voice Services ..................................138 2. Comcast’s Increased Scale as a Buyer of Programming Will Not Cause Any Competitive Harm .................................................................143 3. Combining Comcast’s and TWC’s Programming Assets Will Not Give Rise to Any Competitive Harm .......................................................152 4. The Transaction Will Not Result in Any Competitive Harm to Advertising Markets .................................................................................155 D. There Is No Plausible Theory That the Transaction Will Facilitate “Foreclosure” or Other Exclusionary Conduct ....................................................156 1. No Threat of Competitive Harm from Potential Foreclosure of Last-Mile Internet Access ........................................................................156 2. No Increased Incentive or Ability to Pursue Anticompetitive Foreclosure Strategies Against Rival MVPDs or Unaffiliated OVDs .......................................................................................................164 3. No Increased Incentive or Ability to Pursue Anticompetitive Foreclosure Strategies Against Unaffiliated Programmers ......................169 VI. THE TRANSACTION WILL NOT RESULT IN ANY VIOLATION OF THE COMMUNICATIONS ACT OR THE COMMISSION’S RULES. ................171 A. Cross-Ownership and Other Ownership Limits ...................................................171 B. Channel Occupancy Limit ...................................................................................172 VII. PROCEDURAL MATTERS.........................................................................................173 VIII. CONCLUSION ..............................................................................................................174 iii REDACTED – FOR PUBLIC INSPECTION LIST OF EXHIBITS 1. List of Licenses and Authorizations To Be Transferred 2. Executed Agreement and Plan of Merger 3. Charts of Transaction Structure 4. Declaration of Michael J. Angelakis 5. Declaration of Dr. Gregory L. Rosston and Dr. Michael D. Topper 6. Declaration of Dr. Mark A. Israel 7. Maps Showing Comcast and Time Warner Cable Service Areas 8. List of TWC Programming Interests 9. Comcast’s Promises Made, Promises Kept Chart 10. Comcast-NBCUniversal Conditions 11. List of Comcast and NBCUniversal Diversity and Inclusion Awards iv REDACTED – FOR PUBLIC INSPECTION I. INTRODUCTION AND SUMMARY The proposed merger of Comcast Corporation (“Comcast”) and Time Warner Cable Inc. (“TWC”) (together, “Applicants”) will provide unique benefits to both consumers and businesses throughout the combined company’s service area, and broadly advance the public interest in multiple concrete ways. This transaction will enhance consumer welfare and competition and deliver substantial public interest benefits, including through competitive entry in market segments neither company can meaningfully serve on its own today. Together, Comcast and TWC will bring to millions of households and businesses of all sizes the next generation of broadband Internet, video, voice, and related technologies and services, and will compete more effectively against communications, media, and technology providers with national
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