More than 99 percent of Comcast shareholders today voted in favor of the company’s $45.2 billion purchase of Time Warner Cable, Comcast announced.
The merger “is subject to various regulatory approvals and other customary conditions and also requires approval by Time Warner Cable shareholders,” who are scheduled to vote tomorrow, Comcast said. If all goes well for Comcast, the merger will close in early 2015.Not many people attended the meeting in Philadelphia. “Five people spoke at a sparsely attended special shareholder meeting at the Kimmel Center on South Broad Street—three against the deal, and two for it,” according to The Philadelphia Inquirer.
The real test for Comcast will be getting approval from the government. Consumer advocates have argued that the two largest cable companies in the country should not be allowed to merge, while Comcast points out that it doesn’t compete against Time Warner Cable in any city or town.
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