Time Warner Inc. (NYSE:TWX) shareholders have approved a takeover of the entertainment company by telecommunications group AT&T (NYSE:T) for $85.4bn.
Shareholders on Wednesday voted by 99% in favour of the merger, which was the biggest announced in 2016.
The proposed deal has been criticised by analysts and US politicians on concerns it could potentially harm consumers.
Critics have argued that AT&T could refuse to license Time Warner's movies and television shows to competitors. Time Warner owns CNN, the Warner Bros film studio, Cartoon Network and HBO.
President Donald Trump had also said during his campaign that he would block the deal if elected. He claimed the merger would result in "too much concentration of power in the hands of too few”. Trump had also accused CNN of manifesting "fake news" against him, fuelling speculation that he would try to quash the deal as retribution against the news channel.
Time Warner and AT&T have defended the deal, saying it would lead to innovative new experiences for customers.
The merger is subject to approval by the US Department of Justice. Tim Warner said it continues to expect the transaction to close before year end.
Time Warner chief executive Jeff Bewkes said: “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.”
Time Warner agreed to AT&T’s offer in October after knocking back Rupert Murdoch’s 21st Century two years ago. The offer price of $107.50 per share, represented a 35% premium to shares trading in the week before the deal was announced.