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Gannett to acquire Belo for more than $2.2 billion

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McLean, Va.—Gannett Co., publisher of USA Today, has agreed to acquire TV station owner Belo Corp. for about $1.5 billion in cash. Gannett will also assume $715 million in existing debt, making the value of the deal about $2.2 billion. The acquisition will make Gannett the nation's fourth-largest owner of major TV network affiliates, with 43 stations reaching almost a third of all U.S. households, the company said in a statement. The transaction is expected to close by the end of this year, pending regulatory approval.
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