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Comcast shareholders approve Time Warner Cable purchase

Comcast shareholders approve Time Warner Cable purchase
Comcast Chief Executive Brian Roberts, shown in 2013, who controls 33% of his company's voting shares, was among the 99% of Comcast stockholders who voted in favor of the acquisition of Time Warner Cable. (Susan Walsh / Associated Press)

Comcast Corp. shareholders have approved the cable giant's plan to acquire Time Warner Cable for $45.2 billion, a deal that would combine the nation's two largest cable companies.

Shareholders voted 99% in favor of the plan, Comcast said on Wednesday. Approval was expected, and Time Warner Cable will hold a similar investor vote on Thursday.

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After shareholders give their approval, the deal still needs the go-ahead from U.S. government regulators who are trying to ensure that the combination of the two cable heavyweights would not harm competition and consumers.

The Federal Communications Commission and the Justice Department are reviewing the proposed transaction. Consumer advocates and companies such as Netflix and Dish Network have voiced concerns about Comcast's plans.

If the deal closes, the combined firm would serve 30% of the nation's cable TV households and about 40% of homes that have broadband Internet service.

Comcast has offered 2.875 shares of its stock for each share of Time Warner Cable in the all-stock transaction.

Comcast Chief Executive Brian Roberts controls 33% of his company's voting shares.

Follow Ryan Faughnder on Twitter for more entertainment business coverage: @rfaughnder

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