Consolidation in the TV business continues unabated, as Media General on Friday announced it has agreed to acquire LIN Media for $1.6 billion.
The Federal Communications Commission has approved two of the year's biggest TV station deals involving the sale of nearly 40 stations: Gannett's $1.5 billion purchase of Belo and Tribune's $2.73 billion purchase of Local TV.
No doubt some in Washington will think the Dept. of Justice let Gannett off easy. In order to close its purchase of Belo, the DOJ Monday required Gannett to divest KMOV-TV, Belo's CBS affiliate, in St. Louis, next year.
The Department of Justice asked Gannett and Belo for more information about Gannett's $1.5 billion purchase of Belo, the companies said Friday.
Acting Federal Communications Commission chairwoman Mignon Clyburn may have turned activist. In a bold move, Clyburn has circulated an item aimed at making sure TV groups don't get any bigger.
Gannett's $2.2 billion deal to buy Belo to become a 43 TV station super group is opening up some old-media consolidation wounds in Washington.
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 its TV holdings.