Gannett to buy TV station owner Belo for $1.5 billion
The parent companies of the NBC and CBS television affiliates in St. Louis are combining, but area viewers shouldn't expect to see any immediate changes in their local newscasts.
McLean, Va.-based Gannett Co., which owns KSDK (Channel 5) 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 (Channel 4).
The combination, which still must be approved by Belo shareholders and 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 Broadcast Group are the top three.
“We are bringing together two highly respected media companies with rich histories of award-winning journalism, operational excellence and strong brand leadership,” Gannett President and CEO Gracia Martore said in a call with analysts. Gannett is seeking to diversity its offerings, which include TV stations, newspapers and digital assets.
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