The Love Belo
Shareholders of Dallas-based TV broadcasting company Belo Corp. voted this week to approve the company’s sale to Gannett in a deal worth $1.5 billion. If the deal closes by the end of the year as expected, Gannett will be one of the nation’s largest TV-station owners, the Wall Street Journal reports. The addition of Belo’s twenty stations brings its total portfolio up to 43. The only remaining hurdle in finalizing the acquisition is securing approval from the Federal Communications Commission and the Justice Department, which have requested further information from the companies.
The Bottom Line: Seventy-three percent of shareholders voted in favor of the sale, despite some recent speculation that Belo could have gotten a better deal if it had put itself up for auction, according to the Journal. The June announcement of the sale sparked a bump in the company’s stock price as hedge funds jumped on the bandwagon, “expecting either another buyer to swoop in or for Gannett to sweeten its bid.”