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.
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.