Reuters

(Reuters)

Time Warner Cable Shareholders Approve Deal With Charter

Industries Reuters

Time Warner Cable Inc's shareholders approved the company's $56 billion takeover by Charter Communications Inc, according to preliminary votes at a special shareholder meeting.

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Later on Monday, Charter also said more than 99% of the votes cast at its special shareholder meeting were in favor of the deal.

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

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.

(Reporting by Anya George Tharakan in Bengaluru; Editing by Anil D'Silva)