Belo Said to Have 70% Shareholder Support for Gannett Offer

Belo Corp., the TV station owner that is the target of a $1.5 billion takeover bid by Gannett Co., has support from more than 70 percent of its shareholders for the deal, a person with knowledge of the matter said.

Belo hasn’t received any superior offers and can’t accept a new bid once the Gannett deal is approved, said the person, who asked not to be named because the process is private. The official vote, set to take place tomorrow morning, requires at least two-thirds of shareholders to accept the acquisition, company filings show.