Gannett, New Media Investment Group shareholders set to vote on deal
The shareholders of Gannett and New Media Investment Group, which plans to acquire the USA TODAY owner, will vote in November on whether to combine the two companies.
Both companies on Monday announced they've scheduled special meetings for Nov. 14 for shareholders to cast ballots.
New Media stockholders will go first, with their meeting beginning at 8 a.m. Gannett shareholders will vote at 10 a.m. Ballots can be cast remotely.
The deal, which was announced in August, would create the largest U.S. media company by print circulation and potentially the largest by online audience. Although New Media is set to acquire Gannett, the combined company would be called Gannett and take on Gannett's headquarters in McLean, Virginia.
The two companies have argued that the deal would help them shed overlapping costs and gain the necessary scale to further their digital transformation. They have said they hope to close the deal by the end of the year.
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A shareholder vote is a customary step in the approval of an acquisition or merger. Shareholders of both companies must sign off.
With financing help from private equity firm Apollo Global Management, New Media is absorbing Gannett, which is the larger company.
New Media shareholders would own 50.5% of the combined company, while Gannett stockholders would own 49.5%.
Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey.
This article originally appeared on USA TODAY: Gannett-GateHouse merger: Shareholders to vote on deal in November
