Gannett Co. Inc. (NYSE: GCI) is buying Belo Corp. (NYSE: BLC) for $1.5 billion, adding to a potential M&A wave in television stations. 

The purchase price works out to $13.75 per share in cash. Belo’s shares closed at $10.73 on June 12, before the deal was announced, and opened at $13.67 on June 13.

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