Gannett Co. (GCI) announced Thursday morning that it agreed to acquire Belo Corp. (BLC) for $13.75 per share in cash, or approximately $1.5 billion.
Gannett has gapped open sharply higher Thursday and is now up 5.61 at $25.46 on above average volume. The stock has jumped to a new high for the year.
Belo has also gapped open sharply higher, currently up 2.92 at $13.65 on the highest volume of the year. The stock has leaped to a new high for the year.
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