Belo shareholders approve Gannett deal

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by Associated Press and KING 5 News

NWCN.com

Posted on September 26, 2013 at 7:32 AM

DALLAS— Belo Corp. shareholders on Wednesday approved Gannett Co.'s proposed acquisition of the broadcast company.  KING 5 and NWCN are both owned by Belo.

The $1.5 billion deal, announced in June, still needs regulatory approval. It is expected to close by the end of the year.

Gannett, which publishes USA Today, owns dozens of newspapers and television stations. The purchase of Belo would nearly double the number of TV stations it owns to 43. Gannett would become the fourth-largest broadcast group in the U.S. and its stations would reach nearly a third of the nation's households.

Its offer values Belo Corp. at $13.75 per share.

Belo, based in Dallas, owns and operates 20 television stations and their associated websites.

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