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T&P Warehouse: Historic building remains in limbo as area redevelops

For years, the historic T&P Warehouse on West Lancaster Avenue downtown, built in 1931 to house freight for the Texas Pacific Railway, has sat vacant and deteriorating.

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UPDATE: Susan Halsey, Fort Worth attorney, business leader, dies

Susan Halsey, a Fort Worth attorney who was also a community and business leader, died on Friday, Dec. 19. Halsey, 55, was chairman for the Fort Worth Chamber of Commerce in 2013-2014, leading the chamber during a year

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Heating up: West Lancaster corridor projects moving forward

West Lancaster Avenue through downtown Fort Worth is heating up, with planners envisioning a lively mixed-use corridor that extends the central business district further south.

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UPDATE: Wilkie, longtime head of Sid Richardson Foundation, dies at 91

Valleau Wilkie Jr., who headed the Sid W. Richardson Foundation from 1973 to 2011, died Tuesday in Sunapee, N.H., at 91.

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Oil plunge sparks concern of real estate slowdown in U.S. energy centers including Texas

SEATTLE — The drop in oil prices to five-year lows, while helping consumers, is sparking concern that leasing and construction demand will be hurt in some of North America's best-performing markets for commercial real estate.

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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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