Gannett to buy TV station owner Belo for $1.5B McLEAN, Va. (AP) — Gannett said it reached a deal to buy TV station owner Belo for about $1.5 billion in cash, significantly boosting its presence in broadcasting. Under the agreement announced Thursday, Gannett will pay $13.75 per share for the TV station operator, which is based in Dallas. That represents a 28 percent premium over Belo's closing price on Wednesday. Gannett, the largest U.S. newspaper publisher by circulation, also will assume $715 million in debt. Gannett owns USA Today and other newspapers as well as television stations. Shares of both companies soared to their highest prices since 2008. In afternoon trading, Belo Corp.'s shares jumped $2.91, or 27 percent, to $13.64, after peaking at $13.69 shortly after the market opened. Gannett Co.'s stock rose $5.61, or 28 percent, to $25.46 after peaking at $25.69. Gannett President and CEO Gracia Martore called the acquisition an "important step" in Gannett's diversification and said it will significantly improve the company's cash flow and financial strength. The acquisition will make Gannett, based in McLean, Va., one of the country's largest owners of major network affiliates, reaching nearly one-third of U.S. households. It nearly doubles Gannett's portfolio from 23 to 43 stations and gives it 21 stations in the country's top 25 television markets.