Time Warner Shareholders Approve $85.4 Billion Merger With AT&T

By Trey Williams Markets MarketWatch Pulse

Time Warner Inc. shareholders on Wednesday voted, by 99%, to approve AT&T Inc.'s proposed $85.4 billion merger. The deal was the biggest announced in 2016 and drew a fair share of criticism. Analysts and those in the media industry have speculated for months now whether or not the deal would pass regulatory review. President Donald Trump declared on the campaign trail he would block the deal when he got into office. Time Warner said it still expects the deal to close before the end of 2017. "By combining Time Warner's leading brands and video content with AT&T's distribution, we will accelerate our ability to innovate, develop and deliver the next generation of video services, making our content even more valuable to consumers and business partner," Time Warner Chief Executive Jeff Bewkes said in a statement. Shares of Time Warner have gained nearly 55% in the trailing 12-month period while AT&T shares have increased 13% and the S&P 500 Index is up 26% in the same period.

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