Time Warner is fully on board for their sale to AT&T, with their shareholders having voted to approve the deal. 78 percent of the outstanding shares of common stock favored the transaction.
Before the $84.5 billion deal can go through, it must be approved by the federal government. However, both companies are confident, publicly saying they expect the deal to be closed by the end of 2017.
Time Warner CEO-chairman Jeff Bewkes released a statement, saying that 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 partners.”
One notable opponent of the Time Warner-AT&T deal is Donald Trump. During his campaign, he criticized the sale, warning that it would place too much power in the hands of too few people. Since being sworn in, Trump has made no mention of the deal, though he has aggressively railed against Time Warner’s CNN. The Justice Department is responsible for determining the legality of the deal, whether it is in violation of anti-trust laws, or if AT&T should be forced to abide by certain conditions to gain federal approval.