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Gannett to acquire KING5-TV owner Belo

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Gannett to acquire KING5-TV owner Belo

Metro

SEATTLE, Wash. – Media company Belo Corporation, whose properties include KING-TV, KONG-TV, and Northwest Cable News, is being acquired by media conglomerate Gannett in a deal that totals $2.2 billion.

As part of the agreement, Gannett will assume $715 million in existing Belo debt.

The acquisition, which must gain FCC approval to move forward, would make Gannett the nation’s fourth-largest owner of network-affiliate TV stations.

Gannett is perhaps best known as the owner of USA Today.

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