That was fast. Gannett not only completed the $1.5B (not including debt) deal to buy TV station power Belo — it also announced an agreement to sell St. Louis’ KMOV just a week after it agreed to do so to win Justice Department approval for the transaction. Meredith Corp. will pay about $407.5M for KMOV as well as two Belo stations in Phoenix: independent KTVK and CW affiliate KASW. “Meredith is a highly respected multi-media company which shares our commitment to outstanding local journalism, and we are confident that these stations will be in good hands,” Gannett CEO Gracia Martore says. She adds that the terms “will significantly lower the effective purchase price for Belo while reducing only minimally the expected synergies associated with the Belo transaction.” The company says that the loss of the three stations will only cut about $2M of the $175M in annual synergies it expects to realize over the next three years. Gannett will continue to wield a lot of clout in the two cities: It owns NBC affiliates KSDK in St. Louis and KPNX in Phoenix. The FCC approved the deal with Belo late last week. Gannett — which was already the No. 1 owner of NBC affiliates — now also is the top independent owner of CBS affiliates, and No. 4 with ABC. Gannett shares are up 3.4% at mid-day while Meredith is +5.2%.
Gannett Closes Belo Deal After Meredith Agrees To Pay $407.5M For Three TV Stations
What's Hot on Deadline
Hollywood Cowardice: George Clooney Explains Why Sony Stood Alone In North Korean Cyberterror Attack
Holiday B.O. Explosion: 'Five Armies' Storms Into Theaters, Seizes $90M+ Over Five Days - Sunday B.O. Update
Obama: Sony Made Mistake Pulling 'The Interview'; U.S. Will Respond Proportionally At Time And Place We Choose -- Update
Jennifer Aniston May Be On The Fast Track To Oscar As Awards Groups Shower Her With Best Actress Nominations
More From Lieberman
- North Korea “Responsible” For Sony Hack, FBI Confirms
- Paramount Cancels 'Team America' Showings, Theaters Say
- Movie Theater Stocks Rebound After Chains Jettison 'The Interview'
- Lionsgate Sought Deal Talks With Sony Hacked Emails Reveal
- 'The Interview' NYC Premiere Canceled
- Barry Meyer Named To Federal Reserve Bank's Board In San Francisco