Gannett Announces Corporate Governance For Publishing Company Spin-off

(RTTNews) - Gannett Co., Inc. (GCI) reported the corporate governance profile of the independent publishing company which will be spun off later in the current year as a public company operating under the Gannett name.

The corporate governance profile will include: the Board will be elected annually; Special meetings can be called by holders of 20% of the outstanding shares; if a shareholder rights plan is adopted, it will expire after 135 days unless extended by a majority vote of shareholders; A majority voting standard will apply to uncontested director elections; and No supermajority voting provisions unless required by law.

In connection with Gannett's establishment of governance provisions, Carl Icahn, who together with affiliates owns 6.6% of Gannett shares, has agreed to certain customary standstill provisions and has withdrawn all of his previously submitted director nominations and proxy proposals in connection with Gannett's 2015 Annual Meeting.