Comcast, a leading cable service provider, has said that it is looking to merge with Timer Warner Cable (TWC) and has started taking legal advice on the deal.

The cable TV industry is shrinking and is facing tough competition from online streaming services including, Netflix and Amazon. Firms including Comcast and TWC are seeking ways to revive business in the difficult market condition by advancing in other segments.

Sources close to the matter have indicated that Comcast, the parent company of networks such as NBC and CNBC, is yet to confirm the deal. The company is seeking legal advice on the matter of antitrust and other merger related issues for its proposed merger with Time Warner Cable. The TWC officials are in favour of joining hands with Comcast. It is believed that both the parties might be interested in the deal to merge.

Meanwhile, Cox Communications is also considering bidding for Time Warner Cable either on its own or with a joint partner. Spokesperson for Comcast and TWC both did not comment on the matter.