Belo Corp. shareholders on Wednesday approved Gannett Co.'s proposed acquisition of the broadcast company.
Belo Corp. shareholders on Wednesday approved Gannett Co.’s proposed acquisition of the broadcast company.
The $1.5 billion deal, announced in June, still needs regulatory approval. It is expected to close by the end of the year.
Gannett, which publishes USA Today, owns dozens of newspapers and television stations. The purchase of Belo would nearly double the number of TV stations it owns to 43. Gannett would become the fourth-largest broadcast group in the U.S. and its stations would reach nearly a third of the nation’s households.
Its offer values Belo Corp. at $13.75 per share.
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Belo, based in Dallas, owns and operates 20 television stations and their associated websites.
Shares of Belo slipped 6 cents to $13.75 in late afternoon trading. Its stock is at the upper end of its 52-week trading range of $6.76 to $14.51.