That is certainly one theory.
Its more probable that Comcast just didn't want to pay the money.
Spectrum (nee Charter) paid $3.6 Billion for Falcon in 1999 making it
the "fourth-largest cable operator in the U.S."
There are still a number of cable companies in the US. Here in Prescott
Arizona, I am on Sparklight (nee CableOne).
Current rankings based on subscribers seem to be
4. Optimum (Allice)
5. Xtream (Mediacom)