Time Warner Cable’s stockholders met on Wednesday to vote on the merger with America’s #1 cable company, Comcast Corporation. The company stockholders approved the deal, with 99 percent of the votes giving a thumbs up. Time Warner originally agreed to merge with Comcast back in February 12.
“Today’s Time Warner Cable stockholder approval comes on the heels of Comcast shareholder approval yesterday and is an important milestone as we work towards completing our merger,” said Rob Marcus, Time Warner Cable Chairman and CEO.
Comcast shareholders met earlier this week to vote on the merger, which resulted in more than 99 percent in favor of the deal. The company indicated that Time Warner shareholders will receive 2.875 shares of Comcast Class A common stock for every one share of Time Warner Cable common stock.
So what does this merger mean for customers? Increased prices? More choices? That has yet to be seen. However, Comcast chief executive Brian L. Roberts indicated earlier this week that Comcast and Time Warner are not competitors and that the merger will not eliminate customer choice.
Currently, both the U.S. Federal Communications Commission (FCC) and the Department of Justice are reviewing the merger. Just recently, the FCC put its review on hold so that additional responses and oppositions for the Comcast/Time Warner merger can be filed. The investigation is slated to resume on October 29. The FCC has set aside 180 days to examine the merger.
According to both Comcast and Time Warner, the merger is subject to regulatory approvals as well as the satisfaction of certain closing conditions. The deal is expected to close by the end of 2014.
Comcast has a website dedicated to the merger, which claims that this deal will make life better for more people. How? By bringing “faster Internet speeds, a more reliable and more secure network, net neutrality protection, low-cost Internet access, and programming diversity to millions of new customers across the country.”
Time Warner Cable has 15 million subscribers spread out across 29 states. The company also employs more than 50,000 people nationwide.
