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European Commission clears New Media Investment, Gannett merger

The European Commission issued regulatory clearance for New Media Investment Group Inc.'s planned transaction with USA Today owner Gannett Co. Inc.

This concludes all regulatory reviews of the proposed cash-and-stock merger between the companies.

The deal's closing remains subject to other conditions, including approval from both New Media and Gannett stockholders. The companies have scheduled a special shareholders meeting on Nov. 14 to consider and vote on the transaction.

New Media Investment in August agreed to buy Gannett in a transaction where Gannett shareholders will receive $6.25 in cash and 0.5427 of a New Media share for each Gannett share they hold. Upon closing of the transaction, Gannett shareholders will hold about 49.5% of the combined company and New Media shareholders will hold approximately 50.5%.