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Time Warner Shareholders Approved Sale (Topic)

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Time Warner Shareholders Approved Sale

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Time Warner's shareholders have approved a $ 85 billion sale to AT&T Corporation and a compensation plan for management. This is reported by The Hollywood Reporter. On the first item of the agenda 78 percent of shareholders having the right to vote voted in favor, on the second - 64 percent.

"We believe this transaction will be of great value, both strategically and financially," said Time Warner CEO Jeff Bewkes, speaking at a meeting with investors ahead of the vote.

Answering questions about the prospects for his future activities in this post, Bewkes said that he plans to be at the head of Time Warner and after all legal formalities have been agreed with the new owners. "I intend to work for the company for at least a year after the merger," he stressed.

Note that the deal still needs to go through the approval procedure at the US Department of Justice. All decisions are expected to be made by the end of 2017.

Recall that Time Warner owns assets such as the Warner Bros. news channel CNN, entertainment channels HBO, TBS and TNT. The merger of AT & T and Time Warner will form one of the largest media companies in the world.

The Topic of Article: Time Warner Shareholders Approved Sale.
Author: Jake Pinkman


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