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Belo Shareholders Approve Gannett's Acquisition

Shareholders in Belo Corp. voted in favor of the proposal September 25 to approve and adopt the acquisition of Belo by Gannett. They also voted in favor of two other related proposals.

In June, Gannett agreed to acquire Belo for $1.5 billion plus the assumption of $715 million in debt, boosting its broadcast portfolio from 23 to 43 stations.

The transaction is subject to regulatory approval and is expected to close by the end of 2013.

There was speculation that shareholders would not vote in favor of the deal. The Wall Street Journal reported that the hedge fund Pine River Capital Management, with a 6.6% stake in Belo, would be among those issuing thumbs down.

Belo owns and operates 20 television stations.