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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.
Once Gannett's deal closes, probably as soon as Monday, the company will own 42 TV stations and be the fourth-largest owner of major network affiliates, reaching about a third of the nation's TV households. Earlier this week, the merger was approved by the Department of Justice, with the requirement that the combined company to sell KMOV—Belo's CBS affiliate in St.
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