By: News Release | Gannett
MCLEAN, Va. and DALLAS, Aug. 23, 2013 /PRNewswire/ – Gannett Co., Inc. (NYSE: GCI) and Belo Corp. (NYSE: BLC) announced that they received requests yesterday for additional information and documents (“Second Requests”) 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 percent 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.