Shareholders of Westinghouse Electric Corp. and Infinity Broadcasting overwhelmingly approved Westinghouse’s $3.9 billion buyout of the radio broadcaster, but not without logistical snafus that irritated those voting on the deal.
At separate meetings Tuesday at the Parker Meridien Hotel in New York, stockholders approved the deal, now subject only to final Federal Communications Commission approval, which is expected by year’s end.
About 65% of Westinghouse’s shares were voted, and of those, 97% approved the Infinity deal and 96% OK’d a charter amendment that enables the company to issue as many as 1.1 billion shares, up from 630 million currently allowed, although the company has 420 million now outstanding. Infinity shareholders will receive 180 million shares of Westinghouse stock. At Infinity, 91% of shareholders approved the deal, creating the country’s largest radio operator with 79 stations in 17 markets.
Westinghouse chairman Michael Jordan was peppered with questions about the company’s low share price and other issues ranging from Infinity’s shock jock Howard Stern to management’s limited shareholdings.