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>> THE NEW YORK TIMES Latest News

JUN 14, 2013 - TheStreet

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The Deal: Gannett Stays True to Gannett, Makes Acquisition

NEW YORK (TheStreet) - Even though Gannett Co. agreed to a hefty premium in its $2.2 billion bid for Belo Corp., shares of the newspaper and TV company soared. After jumping 33% yesterday, Gannett was retreating 4.9% to $25.28. The shares have gained 96% in the past 12 months. Gannett, which became the country's largest newspaper chain through a long series of acquisitions, is paying $13.75 per share in cash, more than 28% above Belo's Wednesday close. The total equity payout comes to $1.5 billion. Including $715 million in debt, the total deal value comes to 9.4 times blended ... Read More

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