Time Warner shareholders have voted to adopt the merger agreement between AT&T and Time Warner, with 78 per cent of the outstanding shares of common stock voting in favour; and of the shares voted, 99 per cent were cast in favour of the proposal.
Having obtained shareholder approval of the $85.4 billion (€78.5bn) transaction, first announced in October 2016, and with regulatory review of the deal underway, the company continues to expect the transaction to close before year-end 2017.
On behalf of the board of directors and management team, Jeff Bewkes, Time Warner Chairman and Chief Executive Officer, said he was pleased that the Company’s shareholders had 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,” he declared.