Time Warner shareholders approve buyout by AT&T

Time Warner shareholders yesterday voted in favor of the $85.4 billion takeover by AT&T.

"The adoption of the merger agreement by our shareholders keeps us on track, pending regulatory consents or reviews, to close the transaction before year-end 2017," Time Warner CEO Jeff Bewkes said.

Regulatory approval could be more challenging. Last year, President Donald Trump voiced opposition to the deal he said would result in "too much concentration of power in the hands of too few."

Read more from CNN.