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Time Warner Cable shareholders OK Comcast deal

Time Warner Cable shareholders OK Comcast deal
A Time Warner Cable truck, parked in New York. The company's shareholders have approved a plan to be acquired by Comcast Corp. for $45.2 billion. (Mark Lennihan / Associated Press)

Time Warner Cable shareholders voted to approve a proposed $45.2-billion acquisition by Comcast Corp., the latest milestone in the plan to combine the nation's two biggest cable companies.

The go-ahead from Time Warner Cable investors follows a similar vote on Wednesday by Comcast stock holders, who also approved the deal.

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Comcast has offered 2.875 shares of its stock for each share of Time Warner Cable in the all-stock transaction, which is expected to be completed early next year.

Time Warner Cable shareholders voted 99% in favor of the planned merger, the company said on Thursday.

Shareholder approval was expected, and the transaction is still under review by the Federal Communications Commission and the Justice Department.

"Today's Time Warner Cable stockholder approval comes on the heels of Comcast shareholder approval yesterday and is an important milestone as we work towards completing our merger," Time Warner Cable's Chairman and Chief Executive Rob Marcus in a statement.

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

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

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