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Time Warner Cable, Charter Shareholders Approve $79 Billion Merger

The stockholders of both Charter Communications and Time Warner Cable have OK’d the $79 billion tie-up of the two cable companies, amid a broader wave of consolidation in the pay-TV biz.

More than 99% of votes by shareholder of each company voted in favor of the deal on Monday. Charter announced the proposed acquisition TW Cable in May — after Comcast ended its bid to snap up TW Cable once it was clear U.S. regulators opposed that transaction.

In addition, Charter shareholders on Monday approved the $10.4 billion offer for privately held Bright House Networks, which has an agreement with TW Cable to leverage the larger operator’s programming agreements.

The Charter-TW Cable deal still requires regulatory approvals by the FCC and Department of Justice, as well as by local franchising authorities in territories where the MSOs operate. Execs for the companies have said they expect the deal to close by the end of 2015.

The combination of Charter, Time Warner Cable and Bright House would come after AT&T completed the acquisition of No. 1 satcaster DirecTV this summer, making AT&T the U.S.’s largest pay-TV provider ahead of Comcast.

Meanwhile, French telecom conglomerate Altice launched a $17.7 billion bid for New York-area operator Cablevision Systems, after Altice acquired Suddenlink earlier this year for $9.1 billion.

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