The television side of Belo Corp., is being acquired by Gannett Co. the owner of USA TODAY in a $2.2 billion deal.
The deal was announced on Thursday in a press release. Gannett will acquire all outstanding shares of Belo for $13.75 per share and will assume the $715 million the company has in existing debt.
Both companies board of directors have unanimously approved the decision.
With the acquisition Gannett will be the fourth-largest owner of major network affiliates in the country. Gannett will grow from 23 TV stations to 43.
A separate company, Belo owns Rhode Island's largest newspaper, the Providence Journal. However the company split from the T.V. side in 2008.
This deal only pertains to television company and not the print publications. The Journal will remain under the same ownership.
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