Comcast shareholders approve Time Warner Cable buyout

— 12:30 PM on October 8, 2014

First announced in February, Comcast's planned acquisition of Time Warner Cable has now received approval from Comcast shareholders.

PHILADELPHIA--(BUSINESS WIRE)--Comcast Corporation (Nasdaq: CMCSA, CMCSK) announced today that, at its special meeting of shareholders held at The Kimmel Center for The Performing Arts in Philadelphia this morning, more than 99% of Comcast shareholders voting supported Comcast’s proposal to issue 2.875 shares of Comcast Class A common stock for every one share of Time Warner Cable (NYSE: TWC) common stock in connection with Comcast’s proposed merger with Time Warner Cable.

Comcast says the merger still has a few more hurdles to clear. Time Warner Cable shareholders must vote, too, which they're expected to do tomorrow. Also, the deal remains "subject to various regulatory approvals and other customary conditions."

As Ars Technica reported last week, Comcast may have to make some concessions to satisfy regulators in New York. The Utility Intervention Unit for that state's Division of Consumer Protection has voiced concerns over "substandard customer service," and it has recommended that improved service—among other things—be a pre-requisite for approval.

Stories about Comcast customer service missteps have made headlines in the wake of the merger announcement. Most recently, Consumerist reported that the cable company allegedly called up a customer's employer and got the customer fired after he complained about billing issues.

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