Thursday, June 13, 2013

Gannett to buy TV station owner Belo for $1.5 billion

updated at noon
The parent companies of the NBC and CBS television affiliates in St. Louis, KSDK (Channel 5) and KMOV (Channel 4), are combining, but area viewers shouldn't expect to see any changes in their local newscasts.

McLean, Va.-based Gannett Co., which owns KSDK and 22 other TV stations nationwide, said Thursday that it's acquiring Belo Corp. of Dallas for $1.5 billion in cash, plus the assumption of $715 million in debt. One of Belo's 20 TV stations is KMOV.

The combination, which still needs approval from the Federal Communications Commission, would make Gannett the fourth-largest owner of major network affiliates with 43 stations reaching nearly a third of U.S. households. (CBS, Fox and Sinclair Broadcasting Group are the top three.)

For more on this story:
Gannett to buy TV station owner Belo for $1.5 billion : Business

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