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US: Media giant spends $2B to rise in TV station ownership ranks

 |  June 13, 2013

Media conglomerate Gannett Co., Inc. has reportedly agreed to acquire competitor Belo Corp. in a $2.2 billion deal. According to reports on the buyout, Gannett will nearly double its television station ownership portfolio, ending up with 43 stations that reach almost one-third of US households and pulling Gannett up to the number four spot in leading owners of affiliate television stations in the US. The deal includes the $715 million in Belo’s outstanding debt. Both companies’ shareholders have unanimously approved of the acquisition.

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