Gannett Doubles TV Holdings With $2.2B Deal For Belo

Law360, New York (June 13, 2013, 2:19 PM EDT) -- Gannett Co. Inc. said Thursday it plans to buy Texas television company Belo Corp. in a deal valued at $2.2 billion, nearly doubling its television holdings and making it the fourth-largest major network affiliate owner in the country.

The proposed acquisition creates a “media super group,” boosting Gannett's broadcast presence to 21 stations in the top 25 markets, the company said. The deal is part of Gannett's efforts to expand its multimedia portfolio “across high-growth markets nationwide,” company officials said.

“This is another important step in...
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