Gannett to Acquire KXTV in Sacramento/Stockton/Modesto, Calif., in Exchange for KVUE in Austin, Texas
ARLINGTON, Va. — Gannett Co., Inc. has entered into an agreement with A.H. Belo Corp. to acquire KXTV-TV, the ABC affiliate in Sacramento/Stockton/Modesto, Calif., and to receive other consideration in exchange for KVUE-TV, the ABC affiliate in Austin, Texas. The transaction is subject to Federal Communications Commission and other approvals.
The announcement was made today by Cecil L. Walker, president and CEO of Gannett Broadcasting.
Upon completion of this transaction, Gannett Broadcasting would consist of 21 television stations reaching 17.3 percent of the U.S. television market.
“This is a strategic transaction for both Gannett and Belo and allows us to better position our strong television groups to compete in the next millennium,” Walker said.
“We look forward to doing business in the Sacramento/Stockton/Modesto market. KXTV-10 is another top 20 growth market opportunity for Gannett that fits well with our television broadcast coverage across the USA.
“We have thoroughly enjoyed being a part of the Austin community. KVUE 24 and its employees have been an important part of Gannett; we know that they will match up well with the people and the strength of Belo,” Walker added.
Gannett Broadcasting’s other television stations are: W*USA (CBS-Washington, DC); WXIA (NBC-Atlanta); WKYC (NBC-Cleveland); WTSP (CBS-Tampa); KARE (NBC-Minneapolis); KPNX (NBC-Phoenix), KNAZ (NBC-Flagstaff), KMOH (WB-Kingman); K*USA (NBC-Denver); KSDK (NBC-St. Louis); WZZM (ABC-Grand Rapids); WGRZ (NBC-Buffalo); WFMY (CBS-Greensboro); WTLV (NBC-Jacksonville); KTHV (CBS-Little Rock); WBIR (NBC-Knoxville); WCSH (NBC-Portland); WLTX (CBS-Columbia); WMAZ (CBS-Macon); and WLBZ (NBC-Bangor). Gannett Broadcasting also includes cable television systems in Kansas, North Carolina and Oklahoma.
In addition to its broadcasting operations, Gannett publishes 75 daily newspapers, including USA TODAY, and USA WEEKEND, a newspaper magazine.