Comcast shareholders approve Time Warner merger

Comcast’s shareholders voted almost unanimously in favour of its multi-billion dollar merger with Time Warner Cable at a special meeting yesterday. 

According to a filing with the Securities and Exchange Commission, Comcast shareholders who voted at the special meeting represented approximately 84% of the eligible shares entitled to vote in person or by proxy.

Of these, more than 99% voted in favour of the deal – 353.6 million votes were cast for, 1.5 million against and 1.4 million abstained.

Comcast has confirmed in February that it has struck a deal to buy rival Time Warner Cable in a deal worth US$45.2 billion (€39.8 billion) that will bring together the two largest players in the US cable market by subscribers.

The all-stock deal, which is still being reviewed by US regulators, will see Comcast pay US$159 per-share for TWC – an approximate 17% premium over TWC’s closing share price at the time of the agreement of US$135.