Belo Shareholders OK Gannett Deal

DALLAS (September 25, 2013)--Belo Corp. shareholders voted Wednesday to approve Gannett Co.'s proposed acquisition of the broadcast company.

Regulators must still approve the $1.5 billion deal, announced in June.

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, making Gannett the fourth-largest broadcast group in the U.S.

Its stations would reach nearly a third of the nation's households.

Its offer values Belo Corp. at $13.75 per share.

Belo, based in Dallas, owns and operates 20 television stations and their associated websites.

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