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Texas has old, new candidates to offer as presidential hopefuls

The Republican Party has long been riven between its establishment and conservative wings, a split that plays out every four years in the race for the White House.

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Two from Fort Worth appointed by Gov. Abbott to university boards

Steve Hicks, a University of Texas System regent who has been a vocal opponent of regents who have criticized the system’s flagship campus in Austin, was reappointed to the board by Gov. Greg Abbott on Thursday. 

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Fort Worth draws closer to deal with Lancaster developer

City staff are planning to introduce the developer Feb. 3 at a meeting of the City Council's Housing and Economic Development Committee.

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Compass BBVA names Happel CEO for Fort Worth

BBVA Compass has appointed Brian Happel, most recently the Fort Worth city president, its chief executive officer of Fort Worth.

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Two Fort Worth Baylor medical properties acquired

Baylor Surgical Hospital of Fort Worth and Baylor Surgical Hospital Integrated Medical Facility are among three facilities acquired by Carter Validus Mission Critical REIT II Inc.

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Gannett to buy TV station owner Belo for $1.5B

 

McLEAN, Va. (AP) — Gannett said it reached a deal to buy Belo for about $1.5 billion in cash, significantly boosting its presence in television broadcasting.

Under the agreement announced Thursday, Gannett will buy Belo, which is based in Dallas, for $13.75 per share. That represents a 28 percent premium over Belo's closing price on Wednesday.

Gannett, one of the largest newspaper publishers in the U.S., also will assume $715 million in debt.

In premarket trading, Belo Corp.'s shares jumped 28 percent on the news. Gannett Co.'s stock rose 21 percent.

Gannett President and CEO Gracia Martore called the acquisition an "important step" in Gannett's diversification and said it will significantly improve the company's cash flow and financial strength.

The acquisition will make Gannett, based in McLean, Va., one of the country's largest owners of major network affiliates, reaching nearly one-third of U.S. households. It nearly doubles Gannett's portfolio from 23 to 43 stations and gives it 21 stations in the country's top 25 television markets.

Gannett expects the deal to boost its adjusted earnings by 50 cents per share within the first 12 months and generate $175 million in annual cost savings within three years after closing.

Belo President and CEO Dunia Shive said the sale is an "outstanding and financially compelling transaction" for his company's shareholders.

The deal, which has been approved by the boards of both companies, is expected to close by the end of 2013. It needs approval from the Federal Communications Commission and at least two-thirds of Belo shareholders.

Belo executives and shareholders representing about 42 percent of the company's voting power have agreed to support the sale, the companies said.


 

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