Time Warner Shareholders Okay Charter Deal

(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.