/// Gannett to Buy Broadcaster Belo For $2.2 Billion
The TV broadcasting business has just gotten a major vote of confidence from Gannett, the No. 1 u.S. newspaper company. This morning, Gannett announced that it agreed to buy regional television company Belo in a $2.2 billion dollar deal, creating what it calls a broadcast “Super Group” and nearly doubling the size of Gannett’s TV holdings. According to a statement from the companies, Gannett will pay around $2.2 billion, which includes $1.5 billion in Belo shares and another $715 million in existing debt. The deal has already been passed by both companies’ boards and is expected to close at the end of this year, subject to approval by the FCC.
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Gannett to Buy Broadcaster Belo For $2.2 Billion