Comcast (NASDAQ: CMCSA) announced that its shareholders have overwhelmingly approved the company's $45 billion takeover of Time Warner Cable (NYSE: TWC) by a margin over 99 percent.
The company held a special shareholders meeting at the Kimmel Center for the Performing Arts in Philadelphia Wednesday morning to conduct the vote. Shareholders supported Comcast's proposal to issue 2.875 shares of Comast Class A common stock for every share of TWC common stock.
TWC shareholders are set to vote on the merger Oct. 9.
Approval by the companies' respective shareholders has always been expected. However, a regulatory greenlight from the Federal Communications Commission and the Department of Justice is still very much uncertain.
Earlier this week, the FCC stopped the "shot clock" on the 180-day approval process for the merger, giving those who oppose the deal yet another opportunity to voice their dissent.
For more:
- read this Comcast press release
- read this Hollywood Reporter story
- read this Variety story
Related links:
FCC stops 'shot clock' on Comcast-TWC review to consider more comments
Comcast says merger foes guided by self-interest, not consumer benefit
When Cohen attacks: Comcast exec lays into merger critics at commentary deadline
Comcast-TWC input period ends: 64K comments received, 65 groups urge rejection