NEW YORK – Time Warner Inc. (NYSE: TWX) shareholders have voted to adopt the merger agreement between AT&T Inc. and Time Warner Inc., with 78% of the outstanding shares of common stock voting in favor; and of the shares voted, 99% were cast in favor of the proposal.
Having obtained shareholder approval of the transaction, and with regulatory review of the deal underway, the company continues to expect the transaction to close before the end of 2017.
AT&T has offered stock-and-cash deal to buy Time Warner equal to $107.50 per share. The deal was first proposed last October.
Time Warner Inc. Chairman and Chief Executive Officer Jeff Bewkes commented: “On behalf of our board of directors and management team, I’m pleased that the Company’s shareholders have approved the proposal to combine with AT&T. In addition to providing shareholders with immediate value and the ability to participate in the upside of the combined company, the deal advances our long-term operational strategy. By combining Time Warner’s leading brands and video content with AT&T’s distribution, we will accelerate our ability to innovate, develop and deliver the next generation of video services, making our content even more valuable to consumers and business partners.”