Gannett to Buy Belo for $1.5 Billion
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ST. LOUIS,Mo. (KMOX) — Belo Corporation, the parent company that owns KMOV Channel 4 and several other stations across the country, has been sold to Gannett Broadcasting.
Gannett, a Newspaper and media chain giant agreed to pay $1.5 billion in cash to buy Belo and assume $715 million in debt.
The deal for Gannett, which also owns KSDK television channel 5, will create the fourth-largest U.S. owner of major network affiliates, reaching nearly a third of households, according to the company.
Due to ownership rules, television stations in St. Louis, Tucson, Louisville, Portland, and Phoenix will be owned by third parties with support from Gannett.
The deal is expected to close at the end of 2013 pending any future approvals.