That's according to a Gannett press release issued earlier today. The agreement between Gannett, Dallas TV company Belo and the U.S. Justice Department resolves an anti-trust issue over the future of Belo's KMOV-TV in St. Louis that Corporate had not previously made public.
In the agreement, Gannett will sell most of the St. Louis station's assets after the $2.2 billion takeover of 20-station Belo is completed.
Under the original deal, KMOV and four other Belo stations were to be sold to third-party operators to comply with federal regulations limiting how many stations one company can own in any single market. Gannett already owns St. Louis station KSDK. The other four stations were not mentioned in today's announcement, suggesting they will still be sold to the third parties.
Gannett said the DOJ deal "should enable" the takeover to be completed by the end of the month. It's still subject to final approval from the Federal Communications Commission, according to today's release.
Investors appeared unfazed; Gannett's stock recently traded for $26.68, up 49 cents or 1.9%.
Previously, Gannett had said only that the Justice Department was seeking additional information about the deal, a request that it termed a "standard part" of the department's review of any such deal.
Gannett said the DOJ deal "should enable" the takeover to be completed by the end of the month. It's still subject to final approval from the Federal Communications Commission, according to today's release.
Investors appeared unfazed; Gannett's stock recently traded for $26.68, up 49 cents or 1.9%.
Previously, Gannett had said only that the Justice Department was seeking additional information about the deal, a request that it termed a "standard part" of the department's review of any such deal.
Mazel tov!
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DeleteCha ching. Bonus times for the Senior Leadership The.
ReplyDeleteFeel for the folks at KMOV. They were already facing an uncertain situation as part of the Sander group -- they'll be cast on to the open market - and Sinclair the wolf will be circling. As much as Jim tries to thinly veil his hatred for Gannett each day... the company is saintly in comparison to Sinclair's approach to media, journalism and its people.
ReplyDeleteSinclair already owns a TV station in the St. Louis market. Seems likely they'd face the same fate as Gannett.
ReplyDeleteI don't understand this logic by the DOJ. Based on the issues stated in St Louis why would this not apply in Phoenix with Gannet ownership in the AZ Republic and KPNX in regards to KTVK & KASW?
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