MCLEAN, Va. and DALLAS, Dec. 16,
2013 /PRNewswire/ -- Gannett Co., Inc. (NYSE: GCI) and
Belo Corp. (NYSE: BLC) announced today that they have reached an
agreement with the U.S. Department of Justice ("DOJ") that should
enable the companies to complete the previously announced
acquisition of Belo in 2013. The Belo transaction remains
subject to approval by the Federal Communications Commission and
other customary closing conditions.
Gannett, Belo and Sander Media LLC, a third party operator who
will acquire certain broadcast stations in markets where Gannett
and Belo overlap, entered into a proposed consent decree with the
DOJ, pursuant to which Gannett and Sander will divest substantially
all of the assets used in the operation of KMOV-TV in St. Louis, Missouri, which is currently owned
by Belo. The divesture is expected to occur in
2014.
The synergies associated with KMOV-TV were nominal given the
structure of the Belo transaction, and Gannett expects very minimal
impact on its previously disclosed projected annual run-rate
synergies of $175 million within
three years of closing of the Belo transaction. Gannett's
strong broadcast presence in the St.
Louis market with KSDK-TV, which it currently owns, will not
be impacted by the divestiture of KMOV-TV.
About Gannett
Gannett Co., Inc. (NYSE: GCI) is an international media and
marketing solutions company that informs and engages more than 100
million people every month through its powerful network of
broadcast, digital, mobile and publishing properties. Our portfolio
of trusted brands offers marketers unmatched local-to-national
reach and customizable, innovative marketing solutions across any
platform. Gannett is committed to connecting people – and the
companies who want to reach them – with their interests and
communities. For more information, visit www.gannett.com.
About Belo
Television company Belo Corp. (NYSE: BLC) owns and operates 20
television stations (nine in the top 25 markets) and their
associated websites. Belo stations, which include
affiliations with ABC, CBS, NBC, FOX, and the CW, reach more than
14 percent of U.S. television households in 15 highly-attractive
markets. Belo stations rank first or second in nearly all of
their local markets. Additional information is available at
www.belo.com.
Forward Looking Statements
Certain statements in this press release may be forward looking
in nature or "forward looking statements" as defined in the Private
Securities Litigation Reform Act of 1995. The forward looking
statements contained in this press release are subject to a number
of risks, trends and uncertainties that could cause actual
performance to differ materially from these forward looking
statements. A number of those risks, trends and uncertainties are
discussed in each company's SEC reports, including their annual
report on Form 10-K and quarterly reports on Form 10-Q. Any forward
looking statements in this press release should be evaluated in
light of these important risk factors.
Gannett and Belo are not responsible for updating the
information contained in this press release beyond the published
date, or for changes made to this press release by wire services,
Internet service providers or other media.
(Logo: http://photos.prnewswire.com/prnh/20120103/PH28972LOGO
)
SOURCE Gannett Co., Inc.