Gannett Co.'s purchase of Belo Corp., announced Thursday, is not expected to alter the Tucson news landscape.
Media company Gannett will pay $1.5 billion to acquire all outstanding shares of Belo, and it will assume $715 million in existing debt. The total value of the purchase is $2.2 billion.
The addition of Belo's stations will make Gannett the country's fourth-largest owner of major network affiliates. Gannett's broadcast portfolio will nearly double, from 23 to 43 stations.
Since Feb. 1, 2012, Raycom Media-owned KOLD has handled news operations for Belo-owned KMSB in Tucson.
KOLD Vice President and General Manager Debbie Bush said the sale will not affect that agreement.
"As far as we are concerned, there won't be any changes with the shared services agreement working with Gannett instead of Belo after the sale," she said.
Neither Gannett nor Belo representatives responded to requests for comment.
Gannett owns half of the Arizona Daily Star's business operations; Lee Enterprises owns the other half.
The deal means McLean, Va.-based Gannett will own three Phoenix TV stations and the state's largest newspaper, The Arizona Republic. Gannett already owns NBC-affiliate KPNX in Phoenix and will gain stations KTVK and KASW CW6.
The sale still needs approval from the Federal Communications Commission, which may require Gannett to sell some stations or newspapers because of rules restricting one company from owning multiple media outlets in the same market.
On Wall Street, Gannett surged the most in more than four years. Gannett rose 34 percent to $26.60 at the close Thursday.
Arizona Daily Star reporter Phil Villarreal, The Associated Press and Bloomberg News contributed to this report.