Comcast Shareholders Approve Time Warner Cable DealDoni Bloomfield
Comcast Corp. investors approved the $45.2 billion purchase of Time Warner Cable Inc., with more than 99 percent of shareholders voting in favor of combining the two largest U.S. cable providers.
Comcast announced the voting results in a statement after a shareholder meeting today in Philadelphia and reiterated that it expects the transaction to close in early 2015. The deal would give the largest U.S. cable provider additional customers and a presence in the top two U.S. media markets, New York and Los Angeles.
The merger, announced in February, is still under review by the U.S. Federal Communications Commission and the Justice Department. Regulators are trying to ensure that the merger won’t harm competition or consumers, including giving the combined company too much leverage in programming negotiations or allowing it to interfere with Internet traffic.
Netflix Inc. and Time Warner Inc. are among at least four companies that received demands for information about the merger from the Justice Department to help determine whether the acquisition is anticompetitive, Bloomberg News reported last month, citing people familiar with the matter. State regulators are also probing the merger, with the New York Public Service Commission, which has the power to reject the deal, set to vote on the matter Nov. 13.
Comcast has said that the combination won’t harm competition and that the added scale will help it invest more in its networks.
Under the terms of the deal, investors will receive 2.875 shares of Comcast for each Time Warner Cable share owned. Time Warner Cable shareholders are scheduled to vote on the deal tomorrow in New York.