Comcast shareholders will likely approve TWC merger (updated)

Update Oct 10: Time Warner Cable shareholders approved the sale of the company to Comcast today.

Looks like Comcast’s shareholders will approve of a merger with Time Warner Cable.

Comcast announced today that nearly all of its shareholders are in favor of a proposal to issue 2.875 shares of Comcast’s Class A common stock for every share of common stock related to a proposed merger with Time Warner Cable.

Shareholders are expected to vote on the merger tomorrow.

Comcast’s proposed merger with TWC has met with resistance. In August, Netflix filed a petition with the Federal Communications Commission to deny the merger. Netflix said that as a combined company reaching over 30 million subscribers, Comcast and TWC could implement pay-to-play network restrictions or Internet “fast lanes” that threaten Internet businesses. In its petition, Netflix wrote the merger would allow “the combined entity … the ability to harm Internet companies such as online video distributors.”