Report: Comcast to acquire Time Warner Cable for $44 billion in $159 a share, all-stock deal

REUTERS/Mike Blake. A Time Warner Cable office is pictured in San Diego, California.

Comcast plans to acquire Time Warner Cable for about $159 a share in an all-stock deal that will combine America's two largest cable companies, reports CNBC. The newly merged company will be called "why is my internet so slow." And Net Neutrality is about to become all the more important.

Snip from CNBC story, the first to break the news:

The new company, created by the $44 billion purchase, would be by far the largest cable provider in the nation with over 33 million subscribers, and is certain to face a tough review from the Federal Communications Commission.

The agreement comes more than eight months after Charter Communictions and Liberty Media made their first foray to try and negotiate a deal to acquire Time Warner Cable (a story broken by CNBC) and follows months of conversations between Time Warner Cable and Comcast about the prospect of a Comcast acquisition of the company.

Charter's offer of roughly $133 a share in cash and stock has been rejected by Time Warner Cable as it held out for a price of $160, which it has said it reflective of where an asset of its size and scope should trade in a deal.

Brace yourselves, internet.