The majority of shareholders at Time Warner have approved the company's $85.4 billion sale to AT&T. Government approval is still required before the acquisition can move forward. 78% of outstanding shares of public stock were in favor of the deal.
According to Time Warner CEO Jeff Bewkes, the companies are going to be stronger together due to their complementary nature. Time Warner's large set of content will go well with AT&T's network.
In addition to providing shareholders with immediate value and the ability to participate in the upside of the combined company, the deal advances our long-term operational strategy. 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. - Bewkes
It's still unclear if approval for the deal will be provided. Donald Trump's Justice Department will have to give its opinion and Trump was opposed to the acquisition during the campaign.