Gannett to buy Belo for $1.5 billion cash, to assume debt also

Posted on June 13, 2013


(Reuters) – Media company Gannett Co Inc said on Thursday that it agreed to pay $1.5 billion in cash to buy Belo Corp and assume $715 million in debt, giving television company Belo an enterprise value of $2.2 billion.

The deal, which represents a 28.1 percent premium on Belo’s Wednesday closing price, would make Gannett the fourth-largest U.S. owner of major network affiliates, reaching nearly a third of households, according to the company.

(Reporting by Sinead Carew; Editing by Gerald E. McCormick)

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