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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.
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.