Comcast shareholders approve Time Warner merger

Comcast shareholders approved the company’s proposed $45 billion merger with Time Warner Cable during a meeting Wednesday in Philadelphia. 

Comcast said 99 percent of shareholders approved the proposal, and Time Warner Cable shareholders are expected to vote on Thursday. Comcast predicted the merger is “expected to close” by early next year, if it gains approval from regulators.  

{mosads}The proposal Tuesday would “issue 2.875 shares of Comcast Class A common stock for every one share of Time Warner Cable common stock,” according to the company. 

The deal to merge the two largest cable companies must also be approved by the Justice Department and the Federal Communications Commission before it can be finalized. Regulators must determine the deal is in the public interest and does not harm competition. 

The public comment period on the merger runs until the end of the month.

The deal has been met with skepticism from a number of lawmakers and some tech groups, who warn the deal could harm competition and give unprecedented control to the cable company. The merger would add another 11 million subscribers to Comcast, but it has vowed to drop 3 million out of competition concerns. 

Comcast has noted the two companies do not operate in the same markets and the merger would still leave it with less than 30 percent of subscribers in the United States.