This Week
  • Pharos Systems International has grown to become a multinational enterprise.

  • The Market at I-Square is a milestone for the $18 million project in Irondequoit.

  • Leonard Brock grew up very poor and tries to help others in need.

  • For employees today, paid leave is one of the most important benefits.

  • New Simon School dean Andrew Ainslie has a plan to raise its national stature.

  • The RBJ 75 supplement presents a list of the 75 largest private-sector employers.

Gannett agrees to buy Belo Corp. in $2.2 billion deal

Rochester Business Journal
June 13, 2013

Gannett Co. Inc., owner of more than 80 newspapers, including the Democrat and Chronicle and USA Today, has agreed to acquire broadcast company Belo Corp. for $1.5 billion in cash, along with assumption of debt.

Belo is a Dallas-based media company that owns 20 television stations and two 24-hour cable news channels, the majority of which reside in the South and Northwest.

The move nearly doubles its television broadcasting business, Gannett officials said. As part of the deal, Gannett will pay $13.75 a share, a 28 percent premium on Belo’s closing price at close Wednesday. Gannet also will assume $715 million of Belo’s debt.

The deal is expected to close by the end of the year, subject to approvals by shareholders and the Federal Communications Commission, along with anti-trust approvals, officials said.

Gannett shares (NYSE: GCI) were up more than 22 percent Thursday morning to $24.28 a share.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.
 


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google