Gannett Buys Belo Corp., Now Owns 43 TV Stations

By Chris O'Shea Comment

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.