Gannett, A.H. Belo Swap TV Stations
ARLINGTON, Va. (AP) _ Gannett Co. Inc. is swapping a television station in Texas for an A.H. Belo Corp., station in northern California, under a deal announced Thursday.
In the transaction, which is subject to federal regulatory approval, Gannett would acquire KXTV-TV, which serves Sacramento, Stockton and Modesto, Calif. Belo would get KVUE-TV of Austin, Texas. Both are ABC affiliates.
Cecil L. Walker, Gannett Broadcasting’s president and chief executive officer, said the swap ``allows us to better position our strong television groups to compete in the next millennium.″
Gannett’s broadcasting arm owns 21 TV stations in such cities as Cleveland, Minneapolis, Denver, St. Louis and Little Rock, Ark. Its holdings would cover 17.3 percent of the U.S. television market if the trade goes through.
A.H. Belo owns 17 TV stations across the nation. It also manages four other stations and owns three local cable news channels.
In addition to its broadcasting operations, Gannett publishes 75 daily newspapers, including USA Today and USA Weekend, a newspaper magazine.
Gannett also said it would receive ``other consideration″ in the deal but did not specify what that meant.
Belo also publishes The Dallas Morning News and six other newspapers.