By: Staff Reports Antitrust Approval Granted For $2.6 Billion Deal
Gannett Co. yesterday received antitrust permission for its proposed
$2.6 billion acquisition of Central Newspapers Inc., Dow Jones
Newswires reported.
Gannett sought permission for the Central purchase since the deal
puts together a newspaper and television station in the Phoenix
market. Gannett owns KPNX, an NBC-affiliate TV station, and the
Central purchase adds The Arizona Republic to Gannett's holdings
in Phoenix.
The Federal Communications Commission's regulations currently require
Gannett to sell KPNX when the station's license comes up for renewal
in 2006. Gannett will seek a waiver on the cross-ownership rule.
The sale has been approved by both Gannett's and Central's boards.
The trustees of the Eugene C. Pulliam Trust - owners of 78% of
Central's voting shares - also voted in favor of the deal.
The deal gives Gannett ownership of The Arizona Republic, The
Indianapolis Star, and several smaller papers.
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