Belo Announces Agreement to Acquire Austin, Texas Television Station
Posted on February 25, 1999Belo has announced that it has reached an agreement with Gannett Co., Inc. to acquire KVUE-TV, Gannett's ABC affiliate in Austin, Texas, in exchange for KXTV, Belo's ABC affiliate in Sacramento-Stockton-Modesto, plus cash consideration of up to $55 million. The transaction is subject to Federal Communications Commission (FCC) and other approvals.
"This is an outstanding transaction for Belo and Gannett, allowing both companies to strengthen their presence in markets of strategic importance," said Robert W. Decherd, Belo's chairman, president and chief executive officer.
"With the addition of KVUE, combined with the Company's Dallas/Fort Worth, Houston and San Antonio stations, Belo will reach 67 percent of Texas television households. Belo's commitment to outstanding journalism is long- standing, and the addition of KVUE in the state's capital strengthens the Company's capabilities as Texas' leading news provider. We are very excited about being part of the rapidly growing Austin market.