Gannett completes its Belo acquisition

Gannett, the parent company of USA TODAY, said it has closed its $2.2 billion purchase of Belo in a deal that nearly doubles its portfolio of TV stations.

The deal's closing was anticipated after the McLean, Va.-based company has said that it agreed to unload some assets to clear all regulatory hurdles. To address federal regulators' concern over media ownership concentration, Gannett said it will sell KMOV in St. Louis to media company Meredith. The Belo acquisition, announced in June, expands Gannett's stable of TV stations to 40 from 23 and its reach to nearly a third of US households. The company is now the largest independent station group of major network affiliates in the top 25 markets, with 21 stations in those regions. The deal makes the company the largest owner of CBS affiliates and expands its NBC affiliate group, which is already No. 1. Gannett's shares closed up nearly 3%, at $28.61.

[Dec 23]