08.23.13
Gannett Co., Inc. and Belo Corp. announced that they received requests yesterday for additional information and documents from the U.S. Department of Justice (DOJ) in connection with Gannett's proposed acquisition of Belo.
A Second Request is a standard part of the DOJ review process. A Second Request extends the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, during which the parties may not close the transaction until 30 days after Gannett and Belo have substantially complied with the Second Request (or the waiting period is otherwise terminated by the DOJ).
Gannett and Belo will respond promptly to the Second Request and continue working cooperatively with the DOJ as it conducts its review of the proposed transaction. Gannett and Belo continue to expect to close the transaction by the end of 2013 as previously announced. In addition to antitrust clearance, the transaction is subject to Federal Communications Commission (FCC) approval, approval by holders of two-thirds of the voting power of Belo shares and customary closing conditions. Belo's directors and executive officers, who collectively own approximately 42% of the voting power of Belo's outstanding shares, have entered into voting and support agreements to vote their shares in favor of the transaction.
Television company Belo Corp. owns and operates 20 television stations (nine in the top 25 markets) and their associated websites. Belo stations, which include affiliations with ABC, CBS, NBC, FOX and the CW, reach more than 14% of U.S. television households in 15 markets. Belo stations rank first or second in nearly all of their local markets.
A Second Request is a standard part of the DOJ review process. A Second Request extends the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, during which the parties may not close the transaction until 30 days after Gannett and Belo have substantially complied with the Second Request (or the waiting period is otherwise terminated by the DOJ).
Gannett and Belo will respond promptly to the Second Request and continue working cooperatively with the DOJ as it conducts its review of the proposed transaction. Gannett and Belo continue to expect to close the transaction by the end of 2013 as previously announced. In addition to antitrust clearance, the transaction is subject to Federal Communications Commission (FCC) approval, approval by holders of two-thirds of the voting power of Belo shares and customary closing conditions. Belo's directors and executive officers, who collectively own approximately 42% of the voting power of Belo's outstanding shares, have entered into voting and support agreements to vote their shares in favor of the transaction.
Television company Belo Corp. owns and operates 20 television stations (nine in the top 25 markets) and their associated websites. Belo stations, which include affiliations with ABC, CBS, NBC, FOX and the CW, reach more than 14% of U.S. television households in 15 markets. Belo stations rank first or second in nearly all of their local markets.