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Aaron Spatz is the writer of SEC Live Filings Digest, detailing the news of companies trading on U.S. stock exchanges. The Filings Digest is but one component of the greater website SEC Live, which specializes in making SEC filings easy to read, research, navigate, and much more.
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  • Gannett Completes Belo Acquisition 0 comments
    Dec 26, 2013 11:40 AM | about stocks: GCI, BLC

    Originally published at www.seclive.com

    Filing in Focus: Gannett 8-K, December 23, 2013

    Gannett Co., Inc. (NYSE:GCI) announced it has completed the acquisition of Belo Corp. (NYSE: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.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Themes: acquisition Stocks: GCI, BLC
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