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US: TV merger aims to build broadcast ‘super group’

By  |  July 8, 2013

Television conglomerate Belo Corporation announced plans to merge with Gannet Company in efforts to create what the companies describe as a broadcasting “super group.” Gannet, which released the news on Monday, will see major growth through the deal, valued at $1.5 billion. Reports say the company’s broadcasting portfolio will nearly double from 23 to 43 stations, and the firm will climb into the nation’s fourth-largest network affiliate owner. The buyout will include the assumption of 4715 million in debt currently held by Belo. Gannet expects to finalize the buyout of Belo by the end of the year; the deal remains subject to antitrust approval.

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