Gannett Co., the diversified media company that owns USA TODAY and TV stations, said Thursday it will buy competitor Belo Corp. for $2.2 billion in a deal that will make Gannett the fourth largest owner of major network affiliates in the U.S., reaching nearly a third of U.S. households.

Gannett will acquire all outstanding shares of Belo for $13.75 per share in cash, or about $1.5 billion, and assume $715 million in existing debt.

Comments
Add Comment