Belo Corporation

Belo Corporation was a Dallas, Texas-based American media company that developed from a nineteenth-century newspaper operation into one of the United States' larger regional television broadcasting groups. Its corporate lineage began with the establishment of The Daily News in Galveston in 1842, while its later corporate identity was formed in 1926 after George Bannerman Dealey acquired a controlling interest in the publishing enterprise associated with The Dallas Morning News. The company was named for Alfred Horatio Belo, an early figure in the history of the Dallas newspaper. The business entered broadcasting before television. In 1922, it helped launch WFAA-AM in Dallas, an important early expansion beyond print. Belo entered television in 1950 when it acquired Dallas station KBTV, subsequently renamed WFAA. That transaction established broadcasting as a long-term strategic pillar and gave the company a platform in the rapidly expanding television market. During the 1960s and 1970s, Belo continued to operate newspapers while adding broadcast assets, including stations in Texas and Tennessee. A major expansion came in the 1980s, when Belo acquired Corinthian Broadcasting from Dun & Bradstreet. The transaction added stations such as KHOU in Houston, KOTV in Tulsa, and WVEC-TV in Norfolk, although regulatory ownership limits required divestitures of other stations. Belo subsequently expanded its television footprint through the 1996 acquisition of the Providence Journal Company, which brought the Providence newspaper and a group of television stations, including KING-TV in Seattle. At its height, Belo operated 20 commercial television stations and several regional 24-hour cable news services. The company also remained active in newspapers for much of its history. In 1991, it purchased the Dallas Times-Herald and ended that newspaper's publication shortly afterward. A structural separation of the print and broadcasting businesses was announced in 2007 and completed in February 2008. The newspaper assets were distributed to shareholders through a separate company that adopted the A. H. Belo Corporation name, while the television business retained the Belo Corporation name and became the legal successor to the prior enterprise. Belo pursued local-news distribution across multiple platforms. Its cable-related operations included Northwest Cable News, Texas Cable News, Local News on Cable, and other joint ventures or digital subchannels carrying continuous local news. In 2010, several Belo stations became early non-ABC-group affiliates of the Live Well Network, reflecting the company's effort to broaden its programming and distribution relationships. In June 2013, Gannett announced an agreement to acquire Belo for approximately $1.5 billion plus assumed debt. The transaction raised regulatory and competitive concerns because of overlapping television and newspaper holdings in several markets. The parties proposed station divestitures, and the U.S. Department of Justice required additional safeguards, particularly regarding KMOV in St. Louis. The acquisition closed on December 23, 2013. Several stations were subsequently transferred to Meredith Corporation and other buyers to satisfy regulatory conditions. When Gannett separated its publishing and broadcasting businesses in 2015, the broadcasting assets acquired from Belo became part of Tegna, Inc. Belo therefore ceased to exist as an independent operating media company, although many of its former local television stations continued under successor ownership.

Belo's historical roots reach back to 1842, when The Daily News was established in Galveston, Texas. The company later developed a substantial Texas publishing presence. It began publishing the Texas Almanac in 1857 and launched The Dallas Morning News in 1885. The Galveston newspaper was sold in 1923, while the Dallas operation became the foundation for the company's later expansion. The enterprise entered radio broadcasting in 1922 with the sign-on of WFAA-AM in Dallas. In July 1926, George Bannerman Dealey acquired a majority interest and organized the business as A.H. Belo Corporation. The company took its name from Alfred Horatio Belo, who was associated with the founding history of The Dallas Morning News. This corporate formation provided the platform for the company's later growth across publishing and broadcasting. Belo made its first major television move in 1950 by purchasing Dallas station KBTV from its previous owner. The acquisition was approved by the Federal Communications Commission in March of that year, and the station was renamed WFAA. It initially carried NBC programming as its primary affiliation and ABC programming secondarily. The purchase connected Belo's established newspaper presence with a major local television operation and established broadcasting as a central part of the business. The company expanded its publishing and television portfolios during the following decades. In 1963, it acquired News-Texan Inc., a publisher of suburban newspapers in the Dallas–Fort Worth area. In 1969, it bought KFDM-TV in Beaumont, Texas, and in 1980 acquired WTVC in Chattanooga, Tennessee. The Corinthian Broadcasting acquisition in December 1983 added six stations, including KHOU in Houston, KOTV in Tulsa, and WVEC-TV in Norfolk. FCC ownership limits required Belo to sell several stations, including KFDM, WTVC, WISH-TV, and WANE-TV. Belo also consolidated the Dallas newspaper market. It acquired the Dallas Times-Herald for $55 million in December 1991, and the newspaper stopped publishing the following day. In 1996, Belo agreed to acquire the Providence Journal Company in a transaction valued at $1.5 billion. That deal brought a major New England newspaper and ten television stations into the group, including KING-TV in Seattle, materially increasing Belo's national geographic reach. In 2000, the corporation's legal name was changed from A. H. Belo Corporation to Belo Corp. The company later separated its print and broadcast operations. Announced in 2007 and completed on February 8, 2008, the transaction distributed the newspaper business to shareholders under the A. H. Belo Corporation name. The broadcasting business kept the Belo Corporation name and became the legal successor to the pre-separation corporation. Belo developed several regional news-distribution operations, including Northwest Cable News and Texas Cable News. It also participated in joint ventures and local cable news services in markets such as Houston and San Antonio, and used digital television subchannels for continuous news programming. In November 2010, five stations began carrying the Live Well Network, making Belo an early adopter of the service outside the ABC-owned station group. The company was acquired by Gannett in December 2013. The transaction was announced in June for approximately $1.5 billion plus assumed debt. Opposition came from media-consolidation organizations and pay-television distributors, which argued that overlapping station ownership and proposed joint-services arrangements could weaken competition. The Justice Department focused especially on St. Louis, where Gannett owned KSDK and the proposed Belo transaction involved KMOV. The parties agreed to divest KMOV, while other stations were also transferred to address ownership issues. Gannett completed the acquisition on December 23, 2013. Following the purchase, Meredith acquired KMOV, KTVK, and control of KASW in separate transactions, while other assets moved to additional owners. In 2015, Gannett divided its publishing and broadcast businesses. The broadcast company, named Tegna, retained most of the former Belo stations and became the principal corporate successor for those operations. Belo itself therefore ended as an independent company, although its local broadcasting legacy continued through successor station groups.

1. 2015Former Belo broadcasting assets move to Tegna

   Gannett separates its publishing and broadcasting businesses, with the broadcast successor named Tegna retaining most former Belo stations.

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2. 2013Gannett acquisition closes

   Gannett completes its acquisition of Belo after regulatory review and station divestiture arrangements.

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3. 2008Print and broadcast businesses separate

   The newspaper business is spun off as A. H. Belo Corporation while the television business retains the Belo Corporation identity.

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4. 1996Providence Journal Company acquisition announced

   Belo announces a $1.5 billion acquisition of the Providence Journal Company, adding newspapers and ten television stations.

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5. 1991Dallas Times-Herald acquisition

   Belo purchases the Dallas Times-Herald, which ceases publication the next day.

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6. 1983Corinthian Broadcasting acquisition

   Belo acquires Corinthian Broadcasting and adds six television stations, subject to subsequent regulatory divestitures.

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7. 1950Belo enters television

   The company acquires Dallas television station KBTV, which becomes WFAA.

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8. 1926A.H. Belo Corporation is formed

   George Bannerman Dealey acquires majority control and organizes the company under the A.H. Belo name.

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9. 1922Entry into radio broadcasting

   WFAA-AM signs on in Dallas, marking the company's expansion into broadcasting.

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10. 1885The Dallas Morning News launches

    The Dallas Morning News is launched on October 1, establishing the publication that became central to the company's identity.

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11. 1857Texas Almanac publishing begins

    The company begins publishing the Texas Almanac, a reference work focused on Texas.

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12. 1842The Daily News is established in Galveston

    The newspaper enterprise that ultimately formed part of Belo's historical lineage begins with the establishment of The Daily News in Galveston, Texas.

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A regional, locally focused American media group built around television stations, local news production, newspaper publishing, and cable or digital news distribution.

• Commercial television stationsBroadcast television1950

  Belo's principal operating assets were local commercial television stations serving major and regional U.S. markets. The stations combined network-affiliated programming with locally produced news, weather, public affairs, and community coverage. The portfolio included WFAA in Dallas, KHOU in Houston, KOTV in Tulsa, WVEC-TV in Norfolk, and KING-TV in Seattle, among many others. At its height, the company operated 20 commercial television stations.

• Regional cable news networksCable news1997

  Belo operated or participated in regional continuous-news services designed to extend the reach of its local television journalism beyond conventional broadcast schedules. Notable services included Northwest Cable News and Texas Cable News. The company also participated in local cable news ventures and branded news channels in selected markets.

• NewspapersNewspaper publishing1842

  Before the 2008 separation, Belo operated newspapers alongside its television stations. Its publishing history included The Dallas Morning News, suburban newspapers in the Dallas–Fort Worth area, and the Providence Journal acquired through the Providence Journal Company transaction. The newspaper operations were spun off to shareholders as A. H. Belo Corporation.

• Live Well Network affiliationsDigital multicast television2010

  In 2010, Belo added the Live Well Network to five stations, including WFAA, KMOV, WCNC-TV, WVEC-TV, and WWL-TV. The arrangement expanded Belo's programming distribution through digital television and represented an early affiliation by a station group outside the ABC-owned station organization.

• 2013Agree to sale to GannettM&A

  Belo pursued a corporate sale as the U.S. local television sector continued to consolidate. The proposed combination created overlapping media holdings in several markets.

  What changed. Gannett agreed to acquire Belo for approximately $1.5 billion plus assumed debt and proposed transferring several Belo stations to Sander Media.

  Aftermath. The transaction closed on December 23, 2013, after regulatory conditions and station divestitures. Belo ceased operating as an independent company.

  Announced purchase price. $1.5 billion plus assumed debt (2013 announced transaction)

  • Meredith Corporation — Meredith agreed to acquire KMOV, KTVK, and control of KASW as part of the post-acquisition divestiture process.
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• 2010Adopt Live Well Network on five stationsProduct launch

  Digital television multicast channels gave station groups an additional way to distribute specialized programming and use available broadcast capacity.

  What changed. Belo affiliated five stations with the Live Well Network beginning November 8, 2010.

  Aftermath. The move made Belo an early non-ABC station group to carry the network and broadened its digital programming offering.

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• 2007Separate newspaper and broadcasting operationsStrategy

  Belo had developed substantial assets in both publishing and television, but the two businesses had different operating and investment profiles.

  What changed. The company announced a spin-off of the newspaper business to shareholders as A. H. Belo Corporation while retaining the Belo Corporation name for broadcasting.

  Aftermath. The separation was completed in February 2008. Belo became a predominantly broadcasting-focused company, while the newspaper assets operated independently.

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• 2013Gannett announces acquisition of Belo

  Gannett announced an agreement to purchase Belo for approximately $1.5 billion and the assumption of debt, subject to regulatory review and station divestitures.

  M&A
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• 2013Regulators impose conditions on Gannett's Belo acquisition

  The U.S. Department of Justice warned that the transaction could reduce competition in St. Louis and required KMOV to be fully divested to an independent, government-approved buyer. The FCC approved the transaction after review.

  RegulationM&A
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• 2013Belo acquisition closes

  Gannett completed its acquisition of Belo. Several stations were subsequently sold or transferred to Meredith Corporation, SagamoreHill Broadcasting, and other successor owners as part of the regulatory resolution.

  M&ARegulation
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• 2010Belo stations join the Live Well Network

  Belo became the first television group outside the ABC station group to affiliate stations with the Live Well Network, adding the service to five stations.

  Product launch
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• 2008Newspaper spin-off is completed

  The separation of Belo's newspaper assets from its television operations was completed, with the broadcasting company continuing as Belo Corporation and the newspaper company operating as A. H. Belo Corporation.

  Other
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• 2007Belo announces separation of newspaper and television businesses

  Belo announced a plan to distribute its newspaper business to shareholders as a separately operated A. H. Belo Corporation, leaving the broadcasting business under the Belo Corporation name.

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1. Belo Corporation