June 13 - Gannett agrees to pay $1.5 billion in cash for television company Belo to grow its broadcast business. Conway G. Gittens reports.
The Daily Digit today is $1.5 billion. That's how much Gannett, parent company of USA Today, agreed to pay in cash for television company Belo. The largest newspaper chain in the United States is trying to grow its broadcast business and diversify revenues. With Belo's 20 television stations, the deal would almost double Gannett's broadcast presence, making it the fourth-largest U.S. owner of major network affiliates, reaching nearly one-third of U.S. households. The deal, which is expected to close by the end of 2013, still needs approvals from regulators and shareholders.