Gannett will buy its competitor in the broadcast realm, Belo for $2.2 billion, "in a deal that will make Gannett the fourth largest owner of major network affiliates in the U.S., reaching nearly a
third of U.S. households," writes Roger Yu and Kim Hjelmgaard. Although the company "currently derives more of its revenue from the print business - 82 newspapers it owns nationwide... after the
transaction, the broadcast segment is expected to contribute more than half of the company's total earnings before interest, taxes and other items," they write. The move will provide a "significant
shift in our business mix," according to
CEO Gracia Martore.
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