Comcast Corp. is planning to walk away from its proposed takeover of Time Warner Cable Inc., people with knowledge of the matter said, after regulators decided that the deal wouldn’t help consumers, making approval unlikely.

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A formal annoucement on the deal’s fate may come as soon as Friday, said one of the people, who asked not to be named discussing private information.

This week, U.S. Federal Communications Commission staff joined lawyers at the Justice Department in opposing the planned $45.2 billion transaction.