KTVB Chanel 7 may have a new owner, as early as the end of this year.
The Associated Press reports that Gannett—which controls the largest chain of newspapers in the nation, including USA Today—has agreed in principle to purchase Belo, which owns Channel 7 and its media group. Gannett's purchase of Belo is expected to be near $1.5 billion and includes $715 million in debt.
The Gannett purchase would nearly double the media conglomerate's presence in television from 23 to 43 stations, including 21 stations in the nation's top 25 television markets.
The deal, which has been given the green light from both companies' boards, requires approval from the Federal Communications Commission, but is expected to close by the end of 2013, according to the AP.