Representatives of the two firms — Institutional Shareholder Services Inc. and Glass Lewis & Co. — did not immediately respond Monday to requests for comment. Journal Communications chairman and CEO Steve Smith also did not respond to messages seeking comment.
Journal Communications (NYSE: JRN) needs “yes” votes representing two-thirds of its shares, including the super-voting Class B shareholders, for the transaction to proceed. A special shareholders meeting has been scheduled for March 11 at Journal headquarters in downtown Milwaukee, but votes are being cast in advance of the meeting.
Mario Gabelli, whose New York City-based investment funds are the largest holder of Journal Communications Class A shares at 19 percent, issued a statement Feb. 18 that he may abstain from voting. Gabelli says he opposes the plan for no Journal Communications representation on the E.W. Scripps board after the transaction is complete.