Time Warner Cable Shareholders Approve Sale to ComcastScott Moritz
Time Warner Cable Inc. investors voted in favor of the company’s $45.2 billion sale to Comcast Corp., leaving approval from regulators as the last major hurdles to combining the largest U.S. cable providers.
More than 99 percent of shares were voted in favor of the deal, Time Warner Cable said today in a statement after its shareholder meeting in New York. Yesterday, Comcast’s shareholders approved the combination by an equivalent margin.
Both companies reiterated this week that the deal is expected to close early next year. To make that happen, the cable operators still need to convince regulators, including the U.S. Federal Communications Commission, the Justice Department and some state agencies, that the merger won’t harm competition or consumers.
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.
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