October 9, 2001
Belo acquires KSKN-TV in Spokane, Washington
Dallas, TX-- Belo(NYSE: BLC) announced today that it has completed the purchase of KSKN-TV, the WB/UPN affiliate in Spokane, Washington. Belo previously operated KSKN under a local marketing agreement with KSKN-TV, Inc. and had announced plans to purchase the station earlier this year. The total acquisition cost for KSKN was $5 million in cash.
Jack Sander, Belo's executive vice president/Media Operations, said, "The purchase of KSKN is a strategic acquisition that supports Belo's goal of expanding and strengthening its service to viewers in the Northwest. With this acquisition, the Company now owns six over-the-air television stations, a regional cable news network and seven Web sites in the region, establishing Belo as the premier provider of news and information throughout the Northwest."
The addition of KSKN in Spokane creates Belo's second duopoly in the Northwest. Belo also owns KREM-TV (CBS) in Spokane.
Together, KREM and KSKN create unmatched coverage in the Spokane market through the stations' diverse programming lineups. Belo's other Northwest cluster assets are the duopoly of KING-TV (NBC) and KONG-TV (Ind.) in the Seattle/Tacoma market; KGW-TV (NBC) in Portland; KTVB-TV (NBC) in Boise and NorthWest Cable News, a regional 24-hour news service distributed to more than two million homes throughout the Northwest including those in the Spokane market. Belo Interactive operates Web sites associated with each of these properties. In total, Belo owns 15 media properties in its Northwest cluster.
Belo is one of the nation's largest media companies with a diversified group of market-leading broadcasting, publishing, cable and interactive media assets. A Fortune 1000 company with more than 8,000 employees and $1.5 billion in annual revenues, Belo operates news and information franchises in some of America's most dynamic markets and regions, including Texas, the Northwest, the Southwest, Rhode Island, and the Mid-Atlantic region. Belo owns 18 television stations (six in the top 16 markets) reaching 14 percent of U. S. television households; owns or operates six cable news channels; and manages two television stations through local marketing agreements. Belo publishes four daily newspapers: The Dallas Morning News, The Providence Journal, The Press-Enterprise (Riverside, CA.) and the Denton Record-Chronicle (Denton, TX.). Belo Interactive's new media businesses include 34 Web sites, several interactive alliances, and a broad range of Internet-based products. For more information, contact Skip Cass, Belo's senior vice president, at 214-977-6602. Additional information, including earnings releases, is available online at www.belo.com.