Paul Hastings LLP, a leading global law firm, announced today that it represented Gannett Co., Inc. (NYSE: GCI), an international media and marketing solutions company, in connection with its acquisition of Belo Corp., a leading broadcast television company with twenty network-affiliated stations, and a related restructuring of Belo broadcast station assets. The Belo transaction had a total equity value of $1.5 billion.
The closing of the transaction makes Gannett the fourth-largest owner of “Big 4” major television network affiliates in the country, reaching nearly one-third of U.S. households. The combination with Belo nearly doubles Gannett’s broadcast portfolio and creates the largest independent station group of major network affiliates in the top 25 markets, including stations to be serviced by Gannett under shared services and similar arrangements entered into as part of the restructuring.
Media and M&A partner Eric Dodson Greenberg led the Paul Hastings team, which included Telecommunications, Media & Technology partner Sherrese Smith, who counseled on media industry and related regulatory issues; and associates Matthew L. Gibson and Leah Graham.
Paul Hastings also represented Gannett on antitrust regulatory matters associated with the transaction. Antitrust & Competition Practice chair and partner Michael P.A. Cohen, antitrust partner Scott Hataway and associates Michael Wise and Noah Pinegar advised on competition issues.
