Gannett Completes Its Acquisition Of Belo

The combination means the company's broadcast division reaches nearly one-third of all U.S. households.
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Gannett Co. announced today that it has completed its previously announced acquisition of Belo Corp. for $13.75 per share in cash, in addition to the assumption of $715 million of outstanding debt, for a total transaction value of $2.2 billion.

The company said its combination with Belo nearly doubles Gannett’s broadcast portfolio and “creates the largest independent station group of major network affiliates in the top 25 markets, including stations to be serviced by Gannett under shared services and similar arrangements. Gannett now reaches approximately one-third of all television households in America. It also significantly expands the company’s geographic reach and revenue diversity. Gannett will become the No. 1 CBS affiliate group, the No. 4 ABC affiliate group, and will expand its already No. 1 NBC affiliate group position.

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Gracia Martore, the company’s president-CEO, said: “We are thrilled to combine these two storied media companies, both of which are known for award-winning journalism, operational excellence and strong brand leadership. The completion of this transaction marks a significant milestone in Gannett’s ongoing transformation into a higher-margin and more highly diversified company in the rapidly evolving media business.”

The closing of the transaction follows the receipt of all necessary regulatory approvals and approval of the transaction by Belo shareholders. With the closing of the transaction, Belo common stock will cease trading and will no longer be listed on the NYSE.

J.P. Morgan Securities LLC provided financial advice and Nixon Peabody LLP, Covington & Burling LLP, and Paul Hastings LLP served as legal advisers to Gannett on the transaction. RBC Capital Markets, LLC provided financial advice and Wachtell, Lipton, Rosen & Katz and Wiley Rein LLP served as legal advisers to Belo.

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Ratings

Overnights, adults 18-49 for September 22, 2016
  • 1.
    4.0/14
  • 2.
    1.7/6
  • 3.
    1.3/5
  • 4.
    0.9/3
  • 5.
    0.6/2
  • 6.
    0.3/1
Source: Nielsen

Reviews

  • Rob Owen

    Easily fall’s best broadcast network comedy pilot, NBC’s The Good Place offers a clever high-concept premise that’s complemented with intelligent, sometimes absurdist humor. Created by Michael Schur, co-creator of NBC’s Parks and Recreation, The Good Place is a highly serialized series that’s essentially set in heaven and stars Kristen Bell and Ted Danson. NBC made five episodes of The Good Place available for review, and the show not only holds up, but also it improves, deepening characters that initially feel one-note and frequently leaving viewers guessing with cliffhanger endings to many of the episodes. The combination of snappy dialogue and winning but flawed characters makes The Good Place a great bet for fans of smart TV comedy.

  • Maureen Ryan

    Pitch has swagger, for good reason. It gets the big things right; the Fox drama about the first female baseball player in the Major Leagues is one of the year’s most assured and exciting debuts. But part of what impresses about the pilot is also the way it confidently strings together so many small but telling details. Ginny (Kylie Bunbury) is the first woman to be called up from the minors to the big leagues, and no show since Friday Night Lights has done a better job of portraying the internal and external pressures that weigh heavily on young athletes asked to do much more than merely succeed on the field. Pitch will likely do a good job of getting viewers to root for it. The hope is that the show won’t be an impressive, short-lived curiosity, but rather a long-term phenomenon.

  • Kevin Fallon

    In a fall TV season that’s already making a splash for championing diverse, distinctive voices in an array of projects that they created, wrote, and starred in, Better Things on FX stands out. The show is created by, written by, and starsPamela Adlon. She plays Sam Fox, the single mother of three daughters modeled after her own reality-show-ready experience raising three girls in Los Angeles following a divorce. Sam is also, like Adlon, a working actress — on shows both raunchy, a la Californication, and animated for children, like her role on Recess. It’s a refreshingly blunt take on single motherhood without sacrificing the warmth of parental love, portraying the dance between selfishness and selflessness that’s at the heart of being a parent — especially one weathering the hormonal fireworks of a household of four women at different ages.

  • David Wiegand

    The fall TV season doesn’t count as much as it used to — we already know that. But no matter how many retreads the broadcast networks throw at viewers in the next few months, this fall will be memorable because of the premiere of Atlanta on Tuesday, Sept. 6, on FX. The half-hour comedy created by and starring Donald Glover (Community), simply and brilliantly recalibrates our expectations of what a TV comedy is and how black lives are portrayed on the medium.

  • Louisa Ada Seltzer

    The second reboot of the 1980s John Candy movie Uncle Buck, bumped by ABC from midseason, has the same tired jokes you'll find on any second-rate sitcom. Too bad, because Mike Epps is appealing and ABC would be wise to keep him around for future shows, but there’s just not enough to this show to suggest it will last past summer. It also airs against NBC’s America’s Got Talent, summer’s No. 1 program on broadcast, which may make it even harder to find an audience.

  • Neil Genzlinger

    Bryan Cranston brings his Tony Award-winning interpretation of President Lyndon B. Johnson to television in an adaptation of the Robert Schenkkan play All the Way, and it’s still quite a sight to behold, just as it was on Broadway in 2014. Nothing beats witnessing this kind of larger-than-life portrayal onstage, of course. But the television version, presented by HBO, offers plenty of rewards, allowing Cranston to work the close-ups and liberating him from the confines of a theater set. Cranston’s performance is a gem — in his hands, this accidental president comes across as an amazing bundle of contradictions, someone who seems at once too vulgar for the job and just right for it.

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