NEW York (TheStreet) -- Disney (DIS) extended its 2013 advance in afternoon trading as the world's largest entertianment company said that Twitter (TWTR) Chairman Jack Dorsey was elected to the Burbank, Calif.-based board of directors. Shareholders will have a chance to vote on the appointment at the company's annual meeting in March.
Disney shares gained 1.2% to $73.28 to push the stock's gain for the year to 47% compared to the Standard & Poor's 500 Index
Dorsey, Twitter's co-founder, is slated to replace Judith Estrin, Cisco's (CSCO) former chief technology officer, who had reached Disney's 15-year limit on board service.
Elsewhere, Gannett (GCI) gained 2.9% to $28.61 as the owner of USA Today acceded to regulator demands to sell television stations in Phoenix and St. Louis to Meredith Corp. (MDP), publisher of Better Homes and Gardens, in order to win approval for its acquisition of $2.2 billion acquisition of Dallas-based Belo (BLC). Meredith will pay $407.5 million for KASW in Phoenix and KMOV in St. Louis.
Gannett shares rose 2.9% to close at $28.61 while Meredith jumped 4.8% to finish at $51.16.
The Department of Justice gave Gannett antitrust approval provided that it agreed sell the St. Louis station acquired in the Belo transaction. Both Gannett and Meredith are expanding their television holdings to offset declines in print advertising at their respective publications.
--Written by Leon Lazaroff in New York.