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Comcast confirmed swirling rumors from last night (February 12) that it would be acquiring Time Warner Cable earlier this morning. The merger would combine the two top cable companies, making Comcast an even more powerful entity and allowing it to have reach into markets long dominated by Time Warner.

The acquisition was announced via a press release on Time Warner’s homepage, explaining in grand detail the finer points of the deal. In all, Comcast will acquire 100 percent of Time Warner’s stock holdings valued at $45.2 billion. The merger is presented as friendly, with the two companies looking to maximize their cable and communication services to what would amount to around 30 million total customers.

Endgadget reports that the the deal still has to undergo regulatory approval from the Federal Communications Commission, and will also be reviewed by the Justice Department for any possible instances of antitrust and other such matters.

Both Comcast and Time Warner are preparing new, cloud-based television viewing platforms, and Comcast’s proven high-speed Internet and phone services offer promises that could bolsters Time Warner’s operations. Comcast is also confident it can negotiate more affordable rates with the cable station networks, and even develop content for studios.

Photo: Comcast Corporation/