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Time Warner shareholders approve deal with Charter

Published 09/21/2015, 10:52 AM
Updated 09/21/2015, 10:58 AM
© Reuters. A Time Warner Cable sign and logo are seen on a Time Warner Cable store in the Manhattan borough of New York City
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(Reuters) - Time Warner Inc's shareholders approved the company's $56 billion takeover by Charter Communications Inc (NASDAQ:CHTR), according to preliminary votes at a special shareholder meeting.

Charter said in May that it would buy Time Warner Cable (NYSE:TWC) in a cash-and-stock deal that would make Charter the No. 2 U.S. Internet and cable company after Comcast Corp (NASDAQ:CMCSA).

© Reuters. A Time Warner Cable sign and logo are seen on a Time Warner Cable store in the Manhattan borough of New York City

Comcast dropped its $45 billion bid for Time Warner Cable in April, after U.S. regulators raised concerns that the deal would give Comcast an unfair advantage in the cable TV and Internet-based services market.

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