Google buys Comcast for $128.4 billion

By Bob Deckling, CNN

updated 2:12 PM EST, Sun February 23, 2014

The deal comes after Google's Fiber division announced expansion to many more cities.

STORY HIGHLIGHTS

NEW: Google Channel to sell ads on AdWords.
NEW: YouTube to start offering select Google Channel programs and Universal movies for free on livestream, including all Olympics-related content.
NEW: All new TV plans will include Google TV boxes for free.
Comcast's Xfinity to be merged into Google Fiber
NBC to become the Google Channel
Feds approve the deal immediately after $240 billion donated to government

(CNN) -- Google has announced its acquisition of Comcast and Time Warner Cable for $128.4 billion.

The deal has been seen as a surprise, considering Comcast's recent acquisition of Time Warner Cable. Comcast and Google have agreed for Google to purchase the two companies separately.

Divvying up Comcast

Comcast's Xfinity service will be integrated into Google Fiber, insider sources say. In another surprising decision, Google has decided to rename NBCUniversal into Google Media.

NBC will become "The Google Channel," while Universal will be renamed Google Media.

The internet service Xfinity's and TWC's customers will be phased in to Google Fiber by 2017. All paying customers will receive fiber service for $70/month, or be forced to receive the free 5Mbps service.

Goodbye to Peacock?

The deal is expected to change the iconic peacock logo of NBC to the Google logo, along with the dissimilation of Comcast into Google entirely.

More details coming soon.

CNN's Mario Castillo, Jane Roberts, Creighton Adrian contributed to this report.

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