Update Oct 10: Time Warner Cable shareholders approved the sale of the company to Comcast today.
Looks like Comcast’s shareholders will approve of a merger with Time Warner Cable.
Comcast announced today that nearly all of its shareholders are in favor of a proposal to issue 2.875 shares of Comcast’s Class A common stock for every share of common stock related to a proposed merger with Time Warner Cable.
Shareholders are expected to vote on the merger tomorrow.
Comcast’s proposed merger with TWC has met with resistance. In August, Netflix filed a petition with the Federal Communications Commission to deny the merger. Netflix said that as a combined company reaching over 30 million subscribers, Comcast and TWC could implement pay-to-play network restrictions or Internet “fast lanes” that threaten Internet businesses. In its petition, Netflix wrote the merger would allow “the combined entity … the ability to harm Internet companies such as online video distributors.”
DISH Network also filed a motion to extend the time frame on replies to the Comcast-TWC merger because it says Comcast did not fully respond to the commission’s request for data. The deadline on replies was originally set for today, but the commission says it will now accept responses up until October 29, 2014.