Gannett Completes Acquisition Of Belo Corp. - Quick Facts

(RTTNews) - Gannett Co., Inc. (GCI) announced the completion of its previously announced acquisition of Belo Corp. for $13.75 per share in cash, in addition to the assumption of $715 million of outstanding debt, for a total transaction value of $2.2 billion.

The company said the combination with Belo nearly doubles Gannett's broadcast portfolio and creates the largest independent station group of major network affiliates in the top 25 markets, including stations to be serviced by Gannett under shared services and similar arrangements.

The closing of the transaction follows the receipt of all necessary regulatory approvals and approval of the transaction by Belo shareholders.