This is as unsurprising as the sun rising in the east. More than 99% of the Time Warner Cable shares endorsed the $45B deal today, as well as conditions that provide execs with lucrative so-called golden parachutes. It follows Comcast investors’ approval of the deal yesterday. TWC chief Rob Marcus calls today’s vote “an important milestone as we work towards completing our merger.” The most important potential challenges now come from government officials led by the FCC and the Justice Department. The FCC recently paused its unofficial 180-day “shot-clock” to rule on the deal, which began in July, . Although that happens routinely in big deals, it gives critics additional time to weigh in.
Meanwhile some local officials are raising objections to the merger of the two largest cable companies. For example, this week the Lexington, KY city council threatened to oppose the transfer of TWC’s local franchise license to Comcast. “We are looking for better customer service and they are not willing to offer it,” Mayor Jim Gray said, the Lexington Herald-Leader reports. TWC told the paper that it “continues to work with the city of Lexington, and we hope to reach an agreement in the best interest of our customers.”,
Subscribe to Deadline Breaking News Alerts and keep your inbox happy.