June 15, 2013
Gannett in $2.2 Bil Deal to Acquire Belo Station Group | Variety
Gannett Co. is betting big on the future of local broadcast TV, setting a $2.2 billion deal to acquire station owner Belo Corp.
Deal will nearly double Gannett’s station holdings to 43 from 23, giving the parent company of USA Today TV stations in 21 of the top 25 markets. It will also expand Gannett’s clout with the Big Three networks as an owner of NBC, CBS and ABC affiliates reaching nearly one-third of U.S. TV households.
Gannett will pay $1.5 billion in cash, or $13.75 a share, to acquire Dallas-based Belo. Deal also includes the assumption of $715 million in existing Belo debt.
Read more: Gannett in $2.2 Bil Deal to Acquire Belo Station Group | Variety
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