I’m not sure what this acquisition news means for NCC’s news producers (Hi Chip!) and consumers, but Gannett sure was sitting on a pile of cash. Also, (since this is a blog post about media) let me take this opportunity to mention, yet again, that Sussex county has better TV media coverage than New Castle County.
From Gannett Blog – FCC OK’s Belo; closing set early next week
“All regulatory approvals for the transaction have been received,” Gannett and Dallas-based Belo said in a press release. “Closing is expected early next week upon completion of remaining customary closing conditions.”
Today’s FCC announcement had been expected.
The takeover, which includes $1.5 billion in cash plus assumption of $715 million in debt, will for the first time turn Gannett into a predominantly TV broadcaster after more than a century as a leading newspaper publisher. Including four stations that Gannett will service, although they will be owned by third-party investors, the deal will add 19 stations to the broadcasting division’s existing portfolio of 23.
Gannett announced the surprise deal in June, spurring a big run-up in Gannett’s stock. It recently traded today for $27.91, up 43 cents or 1.6%. Year to date, GCI stock is up 55% vs. a much smaller 28% gain in the S&P 500 index.