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FCC Approves Gannett’s Purchase of Belo

gannett belo logos_304x200Gannett Co. and Belo Corp. announced today the FCC has approved Gannett’s acquisition of Belo Corp.

The deal is expected to close early next week.

Earlier this week, the Department of Justice required Gannett sell St. Louis CBS affiliate KMOV in order to move forward with the $1.5 billion acquisition. With Gannett assuming $715 million in existing Belo debt, the deal comes out to being worth nearly $2.2 billion.

With the purchase, Gannett will own 43 stations, making it the nation’s fourth largest owner of major network affiliates, reaching nearly one-third of all US households.

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