As expected, Comcast shareholders overwhelmingly approved its pending $69 billion merger with Time Warner Cable in a special meeting in Philadelphia Wednesday.
According to Comcast, more than 99% of shareholders approved the deal, which would involve issuing 2.875 shares of Comcast stock for every share of Time Warner Cable.
Time Warner cable shareholders are scheduled to vote on the deal in a separate special meeting Oct. 9 in New York.
While that vote is expected to go along similar lines, the deal is still awaiting regulatory approval from the Federal Communications Commission and the Department of Justice. Among some concerns among public interest and consumer groups is that the union, which would create a 30-million subscriber cable powerhouse that would also dominate the broadband market, would place too much influence over key aspects of the national information network in the hands of one company. The FCC recently suspended the 180-day shot clock associated with the approval process and extended the comment period on the merger to at least Oct. 29, in order to process requests by Dish Network and others for additional information on the merger.
Comcast has said it expects to close the merger by early next year.