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%.