The proposed purchase of Arbitron by Nielsen Holdings today took a step closer to realization as the radio ratings company’s shareholders voted to approve the acquisition at its company's special meeting of stockholders.

Business Matters: The Good and Bad of Nielsen's Acquisition of Arbitron

Voters at today’s meeting represented over 77% of the company’s total outstanding shares, of which nearly 99% voted in favor of the merger. Announced in mid-December, the deal calls for Nielsen to acquire all outstanding shares of Arbitron common stock at the price of $48.00 per share.

This is not the final hurdle for the transaction, which is still subject to certain regulatory approvals, including expiration of the Hart-Scott-Rodino antitrust waiting period and customary closing conditions, according to an Arbitron release. In March the Federal Trade Commission asked both companies for further information as part of the review process.