Gannet to buy Belo for $1.5 billion

Gannet to buy Belo for $1.5 billion

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[UPI]

U.S. media firm Gannett Co. said Thursday it would buy Belo Corp., a media company that operates 20 television stations.

The deal would jump Gannett’s television holdings from 23 stations to 43, The New York Times reported.

The deal was set up as a cash agreement that values Belo at $1.5 billion.

Industry analysts said television stations are stepping on the gas when it comes to mergers.

Read more about the Belo Corp., buyout at UPI.