The Belo Corporation, one of the oldest Texas-owned companies with roots dating back to the Republic of Texas, today was purchased by the Gannett Corporation of Virginia, 1200 WOAI news reports.
Belo operated twenty television stations across the United States, including KENS-TV, Channel 5 in San Antonio. It also operates TV stations in Austin, Dallas Ft. Worth, and Houston.
The sale does not include the Dallas Morning News, which is owned by a separate company, A.H. Belo Corp.
Gannett, which is based in Fairfax Virginia, will pay $1.5 billion for Belo, plus assume Belo's $700 million in debt.
The deal will remove one of the oldest and most revered corporations in Texas. Alfred Horatio Belo started the company in Galveston in 1865, but the company's roots date back to 1842, making it the oldest continuously operating corporation in the state.
In the 1880s, Belo and George Bannerman Dealey formed the Dallas Morning News.
The deal will make Gannett one of the largest operators of television stations in the country.