Gannett Company has announced the acquisition of Belo Corporation, which will increase its TV stations from 23 to 43. Gannett is now the fourth-largest owner of network affiliates in the country.
Gannett is buying Belo for $1.5 billion and as part of the deal, will take on Belo’s $715 million in debt.
In a statement, Gracia Martore, Gannett’s president and CEO, said, “We have been successfully transforming Gannett into a diversified multi-media company with broadcast, digital and publishing components across high-growth markets nationwide, and this is another important step in the process.”
The deal is expected to close by the end of this year.