meredith_1Meredith Corporation will buy three stations in two markets — KMOV in St. Louis and KTVK-KASW in Phoenix — from Gannett Co. for $407.5 million in cash.

News of the sale comes just a week after the Department of Justice said Gannett had to sell KMOV in order to proceed with its acquisition of Belo Corp. Gannett says the sale satisfies the obligations, and that the close of the Gannett-Belo merger is “expected promptly.”

KSAW, the CW affiliate in Phoenix, will subsequently be purchased from Meredith by SagamoreHill. Meredith, which owns KPHO in Phoenix, will provide “certain services” for the station, according to a press release.

“Meredith is a highly respected multi-media company which shares our commitment to outstanding local journalism, and we are confident that these stations will be in good hands,” Gannett CEO Gracia Martore said in a statement.

More from Gannett after the jump. Read more