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Ex Rangers manager Washington apologizes for 'breaking wife's trust'

IRVING, Texas (AP) — Former Texas Rangers manager Ron Washington says he is embarrassed for 'breaking his wife's trust.'

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Troubled RadioShack files SEC form, talks with 'major vendor'

RadioShack Corp.’s latest filing with the U.S. Securities and Exchange Commission describes recent discussions that “could be beneficial to the financial restructuring of the company.”

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Road Show: City leaders prepare campaign to corral votes for $450 million arena

Fort Worth’s biggest backers of a new arena at the Will Rogers Memorial Center are leaving little to the chance of a “no” vote in a citywide election Nov. 4 to decide on new fees that would fund 15 percent of the $450 million project.

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Texas Health Southwest breaks ground on $40M expansion

A $40 million expansion of Texas Health Harris Methodist Hospital Southwest Fort Worth is under way, with groundbreaking ceremonies held this week.

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Overland Sheepskin opening Sundance Square store in Fort Worth

The store is expected to open by the holidays, Sundance said.

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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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What do you think of the new plans for a new Will Rogers arena and changes at the Convention Center?