October 9, 2014
Ninety-Nine Percent Vote in Favor of Deal
Comcast Corp. shareholders have shown overwhelming support for the company’s much-debated plan to purchase Time Warner Cable.
The $45.2-billion deal had 99 percent of shareholders giving a thumbs up to the merger which is still before the Federal Communications Commission and the Justice Department. If approved, it would see the country’s two largest cable companies become one.
A Comcast press release issued Wednesday highlighted the fact the merger is “subject to various regulatory approvals and other customary conditions and also requires approval by Time Warner Cable shareholders, who are expected to vote on the merger (today). Subject to satisfaction of these conditions, the merger is expected to close in early 2015.”
As The Los Angeles Times reported, though, not everyone is excited about the potential deal with Netflix and Dish Network expressing concerns over the proposal which would see 30 percent of the nation’s cable households and 40 percent of homes with broadband Internet receiving those services from the company.
Earlier this year, the proposed merger also caught the eye of the U.S. Senate Judiciary Committee. The committee, this past spring, heard from Comcast’s executive vice-president and chief diversity officer in public policy, David L. Cohen.
At that time, Cohen argued bringing the two giants together would only benefit customers by delivering “consumers the next-generation of broadband Internet, video, voice, and related technologies.”
Bringing the two company’s together, he stated, would improve the experience for customers now and in to the future.
W. Brice McVicar is a staff writer for SiteProNews.