Acquisition is set to close by the end of 2017.
Time Warner shareholders have voted to adopt the merger agreement between AT&T and Time Warner, with 78 percent of the outstanding shares of common stock voting in favor.
Additionally, of the shares voted, 99 percent were cast in favor of the proposal.
Having obtained shareholder approval, and with regulatory reviews currently underway, the company expects the transaction to close before the end of the year.
“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,” says Jeff Bewkes, chairman and chief executive officer, Time Warner. “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.”
AT&T’s bid for Time Warner was announced in October 2016 and was valued at approximately $85 billion.