Gannett To Buy TV Station Owner Belo For $2.2 Billion | WAMU 88.5 - American University Radio

NPR : News

Filed Under:

Gannett To Buy TV Station Owner Belo For $2.2 Billion

Gannett Co. plans to buy TV station owner Belo for $1.5 billion in cash and $715 million in debt in a deal that will make it one of the nation's largest owners of network television affiliates.

The total $2.2 billion deal would hand over Belo's 20 local TV stations, nine of them in top markets, Gannett-owned USA Today reports. The Associated Press reports that it will nearly double the number of Gannett-owned stations to 43 from 23.

Gannett's President and Chief Executive Officer Gracia Martore said in a statement that the deal brings together "two highly respected media companies with rich histories of award-winning journalism, operational excellence and strong brand leadership."

Belo's President and CEO, Dunia Shive, commented, "This is an outstanding and financially compelling transaction for our shareholders. It is also a testament to the tremendous value our employees have created over Belo's long history and to the strength of our brand in the media industry.'"

The AP reports:

"Gannett expects the deal to boost its adjusted earnings by 50 cents per share within the first 12 months.

"The deal is expected to close by the end of 2013.

"In premarket trading, Belo Corp.'s shares jumped 26 percent. Gannett Co.'s stock rose 12 percent."

Copyright 2013 NPR. To see more, visit http://www.npr.org/.

NPR

An 'Epilogue' That Makes Sense Of The Chaos Of Memory

In his episodic memoir, Will Boast meets the siblings he never knew while navigating family deaths and secrets. Critic Ellah Allfrey finds Epilogue conceptually ambitious, but lacking in execution.
NPR

Giving Chickens Bacteria ... To Keep Them Antibiotic-Free

What does it take to get chickens off antibiotics? According to Perdue Farms, an added dose of the "good bacteria" known as probiotics can help crowd out the harmful microbes that make a chicken sick.
NPR

Why Did Congress Kick The Can On Funding Islamic State Mission?

The president got approval for his plan to train and equip Syrian opposition fighters, but lawmakers didn't approve funds to pay for it or the broader air campaign.
NPR

Some Tech Firms Capitalize On Privacy

Steve Henn of NPR's Planet Money team profiles some entrepreneurs who are working on a novel business model to start up a new tech company. It's pay for service. What a concept.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.