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Filing in Focus: Gannett 8-K, December 23, 2013
Gannett Co., Inc. (GCI) announced it has completed the acquisition of Belo Corp. (BLC) in a $2.2B transaction composed of $1.5B in cash as well as the assumption of $715M in debt. The deal represents a significant step forward for Gannett, the parent company of USA Today, as it now nearly doubles its number of TV stations from 23 to 40. Simultaneously, in an effort to appease federal regulators, Gannett will sell its KMOV TV station in St. Louis to Meredith. Also, Gannett and Sander Media, a company with which Gannett has a station-operation agreement, will sell two Phoenix TV stations to Meredith. Meredith has agreed to pay $407.5M for all three stations. Gannett CEO Gracia Martore commented that the acquisition is an important step towards greater diversification and higher margins.