Time Warner Cancels Shareholders’ Ability to Call Special Board Meeting

Time Warner is playing defense. The company has amended its corporate bylaws and removed a provision that allowed shareholders to call a special board meeting.

In a filing with the Securities and Exchange Commission, Time Warner said the change was effective immediately.

The move gives shareholders -- and 21st Century Fox -- fewer avenues to press the company into a potential deal with Fox, which recently made an unsolicited $80 billion offer to combine the companies. Without the ability to call a special meeting, shareholders supportive of a Fox offer would not be able to replace Time Warner’s board of directors before the company’s next annual meeting, which would likely come next June.