Gannett Co Inc can move ahead with its purchase of Belo Corp as long as the deal does not include KMOV-TV, a St. Louis television station, antitrust enforcers at the U.S. Justice Department said on Monday.The station would give Gannett a dominant position in the St. Louis area if it were part of the deal, resulting in higher prices for advertisers, the department said in a statement.The department said it had filed a proposed settlement in court that, if approved by a judge, would resolve its competitive concerns.Gannett agreed to purchase Belo for $1.5 billion in June in a move that will nearly double Gannett's broadcast holdings to 43 stations.
Belo Corp. (Belo) is a television company. The Company owns 20 television stations , including ABC, CBS, NBC, FOX, CW and MyNetwork TV (MNTV) affiliates, and their associated websites, in 15 markets across the United States. Shares of BLC traded higher by 0.29% or $0.04/share to $13.74. In the past year, the shares have traded as low as $7.22 and as high as $14.51. On average, 1275490 shares of BLC exchange hands on a given day and today's volume is recorded at 1160956.
Gannett Co., Inc. is an international media and marketing solutions company, delivering content and services across an integrated, multiplatform portfolio. Shares of GCI traded higher by 1.76% or $0.46/share to $26.65. In the past year, the shares have traded as low as $17.51 and as high as $28.27. On average, 2476970 shares of GCI exchange hands on a given day and today's volume is recorded at 1452673.
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