Comcast shareholders approve Time Warner merger2014-10-09 09:56 by Daniela
Tags: Comcast, Time Warner Cable
At a special meeting on Wednesday morning, Comcast shareholders approved the proposed $45 billion merger between Comcast and Time Warner Cable. As part of the deal, Comcast will issue 2.875 shares of Comcast Class A common stock for every one share of Time Warner Cable common stock. Time Warner Cable is expected to vote on the deal on Thursday, October 9.
"The merger between Comcast and Time Warner Cable is subject to various regulatory approvals and other customary conditions and also requires approval by Time Warner Cable shareholders," Comcast's press release said. "Subject to satisfaction of these conditions, the merger is expected to close in early 2015."
The Federal Communications Commission and the Justice Department must also approve the merger in order to be finalized. They have to ensure that the merger does not harm competition and the public interest. Consumer advocates and companies such as Netflix and Dish Network have already expressed concerns that if the merger is approved it would create a monopoly, giving the company too much control over media production, distribution, cable and broadband.
In turn, Comcast defended the deal saying that it will bring benefits to customers, like faster Internet speeds and more reliable service.
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