KTVB’S Parent Company Bought by Owners of USA Today
McLEAN, Va. -- Gannett said it reached a deal to buy TV station owner Belo for about $1.5 billion in cash, significantly boosting its presence in broadcasting. The KTVB News Group is among the stations owned by Belo. Under the agreement announced Thursday, Gannett will pay $13.75 per share for the TV station operator, which is based in Dallas. That represents a 28 percent premium over Belo's closing price on Wednesday. Gannett, the largest U.S. newspaper publisher by circulation, also will assume $715 million in debt. Gannett owns USA Today and other newspapers as well as television stations.