Click for St. Louis, Missouri Forecast

// a href = ./ // St Louis News, Weather, Sports, The Big 550 AM, St Louis Traffic, Breaking News in St Louis

 
 
 

Gannett Co., the owner of USA TODAY and other newspaper and television properties, including KSDK-TV, across the USA and United Kingdom, announced Thursday that it is entering into a definitive merger agreement with Belo Corp., catapulting Gannett into the nation's fourth-largest owner of major network affiliates reaching nearly a third of U.S. households.

Belo owns and operates 20 TV stations -nine in the top 25 markets - and their associated websites.

The acquisition nearly doubles Gannett's current broadcast portfolio from 23 to 43 stations, including stations to be serviced by Gannett through shared services or similar sharing arrangements.

Gannett will acquire all outstanding shares of Belo for $13.75 per share in cash, or approximately $1.5 billion, plus assume $715 million in existing debt for an enterprise value of approximately $2.2 billion. The transaction, which has been unanimously approved by the boards of directors of both companies, represents a 28.1% premium to the closing price of Belo common stock on June 12, 2013.

President and Chief Executive Officer Gracia Martore of Gannett, said, "We are thrilled to bring together two highly respected media companies with rich histories of award-winning journalism, operational excellence and strong brand leadership."

Belo's President and Chief Executive Officer Dunia Shive said, "This is an outstanding and financially compelling transaction for our shareholders. It is also a testament to the tremendous value our employees have created over Belo's long history and to the strength of our brand in the media industry."

Headquartered in McLean, Virginia, Gannett engages more than 100 million people every month through its network of broadcast, digital, mobile and publishing properties. In addition to USA TODAY, Gannett owns regional newspapers such as the Detroit Free Press and The Courier-Journal in Louisville, Ky.

Shares (GCI) in Gannett closed down 1.59% on Wednesday but have soared to $19.85 from $12.50 in July as the company has aggressively pursued efforts to diversity its business model.

Gannett earned $104.6 million, or 44 cents per share, in the January-March period. That was up from $68.2 million, or 28 cents per share, a year earlier. Revenue grew 1.6% to $1.24 billion from $1.22 billion.

 

Published in Local News

Latest News

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
Prev Next
Wainwright injures knee, Cardinals blank Mets 3-0

Wainwright injures knee, Cardinals blank Mets 3-0

  NEW YORK (AP) -- Adam Wainwright threw seven neat innings before leaving with a knee injury, and Jon Jay hit a two-run single that sent the St. Louis Cardinals to a 3...

Albert Pujols hits 500th HR of major league career

Albert Pujols hits 500th HR of major league career

  WASHINGTON (AP) -- Albert Pujols reached 500 homers in a hurry.   The Los Angeles Angels' first baseman hit a pair of shots off Washington Nationals righ...

Lyons solid in 1st start, Cards blanked by Mets

Lyons solid in 1st start, Cards blanked by Mets

  NEW YORK (AP) -- Tyler Lyons stepped into the St. Louis rotation and looked right at home. Too bad for him, the Cardinals couldn't get anyone home to help him. &n...

Blackhawks blank Blues 2-0 in Game 3

Blackhawks blank Blues 2-0 in Game 3

CHICAGO (AP) -- Corey Crawford made 34 saves in his third career postseason shutout, and the Chicago Blackhawks got back into their playoff series with the St. Louis Blues with ...

Cards defense, bullpen falter in 3-2 loss to Nats

Cards defense, bullpen falter in 3-2 loss to Nats

  WASHINGTON (AP) -- The Cardinals managed to score twice against Stephen Strasburg while starter Shelby Miller kept the Nationals offense quiet. Nine outs away from ta...

Molina's error hurts Cardinals in 3-1 loss to Nats

  WASHINGTON (AP) -- There's a simple reason St. Louis Cardinals pitcher Michael Wacha felt comfortable putting a changeup in the ground with the bases loaded in the se...

Blues beat Blackhawks 4-3 in 3 OTs

Blues beat Blackhawks 4-3 in 3 OTs

ST. LOUIS (AP) -- Alexander Steen scored at 26 seconds of the third overtime to give the St. Louis Blues a 4-3 victory over the defending Stanley Cup champion Chicago Blackhawks...

© 2013 KTRS All Rights Reserved