Gannett Co., Inc., has agreed to buy Belo Corp. for $1.5 billion in cash, in a deal that almost doubles Gannett’s television operations.
The acquisition by Gannett would move the company into the fourth largest owner of major network affiliates reaching nearly a third of all U.S. households, increasing Gannett’s broadcast television portfolio from 23 to 43 stations, including stations to be serviced by Gannett through shared services or similar sharing arrangements.
Washington, DC, M&A partner John Partigan led the Nixon Peabody LLP team advising Gannett in the transaction. The team also included M&A partner Dick Langan (New York City), benefits partner Brian Kopp (Rochester), tax partner Christian McBurney (Washington, DC) and antitrust partner Gordon Lang (Washington, DC). Paul Hastings and Covington & Burling advised Gannett on FCC and related regulatory issues. JPMorgan Chase also advised Gannett. RBC Capital Markets and the law firm Wachtell, Lipton, Rosen & Katz advised Belo.
