Shareholders of media giant Comcast Corp. are giving the company approval to get even bigger. More than 99% of shareholders voting at a special meeting held Wednesday in Philadelphia said they supported the company’s effort to merge with Time Warner Cable.
The pact, valued at $45.2 billion, would create a behemoth among media companies, giving the new Comcast the most control over how content is distributed to a wide range of U.S. homes. The company would have a sizable presence in the nation’s two largest markets, New York and Los Angeles. Time Warner Cable shareholders are expected to vote on the merger Thursday.
Approval is not tantamount to completion of the deal. The pact continues to face scrutiny from federal and state regulators, including the Federal Communications Commission, the U.S.Department of Justice and the New York Public Service Commission.
Even so, Comcast reiterated Wednesday that it expected the pact to close in early 2015, subject to obtaining regulatory approval.