Time Warner Shareholders Approve AT&T Merger

Time Warner shareholders approved the pending $108.7 billion merger with AT&T on Wednesday, putting the mega-deal on a path for a year-end 2017 close.

Time Warner said about 78% of its outstanding shares voted in favor of the deal, with the rest not casting a vote. Of the shares that were voted, 99% were in favor of the transaction.

AT&T and Time Warner announced their deal in October, with the telco agreeing to pay $107.50 per share in cash and stock for the programmer, a 36% premium to its stock price at the time. Time Warner stock closed at $96.32 each on Wednesday, down 7 cents each or 0.1%.

For the full story go to Multichannel.com.