September 21, 2015 / 2:52 PM / 2 years ago

Time Warner Cable shareholders approve deal with Charter

A Time Warner Cable sign and logo are seen on a Time Warner Cable store in the Manhattan borough of New York City, May 26, 2015. REUTERS/Mike Segar

(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.

Later on Monday, Charter also said more than 99 percent 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

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