Shareholders approve Comcast’s Time Warner takeover

Time Warner Cable’s shareholders have approved a deal for the US pay-television operator to be acquired by US media company Comcast for $45.2bn (€33.2bn).

The approval came a day after Comcast shareholders approved the takeover.

Time Warner Cable, which completed a buy-out of the NBCUniversal media company, including the NBC Sports Group, last year, operates numerous sports channels in the US.

The proposed acquisition, which was announced in February, remains subject to regulatory approval, but the companies expect the transaction to be given the go-ahead by the end of this year.

The merger will create about $750m of cost savings in the first year and total operating cost savings of about $1.5bn.