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Comcast could drop its mega-merger bid for Time Warner Cable as early as Friday, a source told CNBC on Thursday.

Time Warner Cable declined to comment to CNBC on an earlier report of an intent to drop the bid. A spokeswoman for the U.S. Federal Communications Commission also declined to comment. A spokesman for the Department of Justice told CNBC the agency would continue its review of the proposed deal and it was "not aware of anything" related to a dropped merger bid.

Earlier on Thursday, The Wall Street Journal reported the deal had hit a possible snag after the Federal Communications Commission's staff recommended that agency set up a hearing over Comcast's proposed $45 billion acquisition of Time Warner Cable. Quoting people familiar with the matter, the newspaper reported that the recommendation would put the merger in the hands of an administrative law judge. The move could be seen as a strong sign that the FCC does not believe the deal is in the public interest, the Journal reported.

Comcast owns NBC Universal, which is the parent company of NBC News and CNBC.

-- CNBC's David Faber contributed to this report.