CINCINNATI — Shareholders of Taft Broadcasting Co. on Tuesday approved the company's sale to a partnership of major Taft stockholders headed by Cincinnati financier Carl H. Lindner Jr. and Texas financier Robert M. Bass.
A total of 76.7% of the stockholders voting approved the sale of the company to the TFBA Limited Partnership.
The $847-million buyout still must be approved by the Federal Communications Commission.
Alan Aronowitz, an FCC staff lawyer, said Tuesday that a commission order approving the transfer of operating licenses for Taft's seven television and 15 radio stations was imminent.
The 8,900 Taft stockholders holding nearly 5 million shares not controlled by members of the partnership will receive their choice of $157 per share or $144 a share and a share of common stock of FMI Financial Corp., a 72% owned subsidiary of Lindner's American Financial Corp., which will control the broadcasting properties.
Taft Vice Chairman Dudley S. Taft, who will resign and launch his own broadcasting venture under the Taft Broadcasting Co. name following the buyout, said the closing of the transaction tentatively is scheduled for next Tuesday. The present company will be renamed Great American Communications Co. following the buyout.
Great American will retain more than 90% of the broadcasting and entertainment units held by the present Taft Broadcasting Co.