Time Warner shareholders have voted to approve the merger agreement with AT&T, which is on track to close before the end of the year.
The move was passed with 78 percent of the outstanding shares of common stock voting in favor; and of the shares voted, 99 percent were cast in favor of the proposal. Regulatory review of the deal is still underway.
Time Warner’s chairman and CEO, Jeff Bewkes, commented: “On behalf of our board of directors and management team, I’m pleased that the company’s shareholders have approved the proposal to combine with AT&T. In addition to providing shareholders with immediate value and the ability to participate in the upside of the combined company, the deal advances our long-term operational strategy. By combining Time Warner’s leading brands and video content with AT&T’s distribution, we will accelerate our ability to innovate, develop and deliver the next generation of video services, making our content even more valuable to consumers and business partners.”