Gannett to buy
Belo for $1.5B
Gannett says it's reached a deal to buy TV station owner Belo for about $1.5 billion, or $13.75 per share. The acquisition will make Gannett one of the country's largest owners of major network affiliates. It nearly doubles Gannett's portfolio from 23 to 43 stations. The deal is expected to close by the end of 2013.
the sales block
The Harlem Globetrotters the high-flying exhibition basketball team that has toured the world for decades are on the block. Known for their trick shots, slick passing and comedy routines, they are being sold by their private equity owner, Shamrock Capital Advisors, which has held the team since 2005. The team is likely to bring between $50 million to $100 million.
Cosmetics company Revlon will pay a $850,000 fine to settle federal charges it withheld key information from shareholders about a "going-private" transaction. The Securities and Exchange Commission found that Revlon didn't tell investors that an outside adviser had found the terms of the deal inadequate.
Google is becoming even more dominant in the rapidly growing mobile advertising market than it has been on personal computers. A forecast from eMarketer predicts Google will sell more mobile ads this year than its rivals combined. The report predicts Google's mobile ad revenue will total nearly $8.9 billion. Google's rivals will sell a combined $7 billion in mobile ads this year.
'Happy Birthday' in
A production company making a documentary about the song "Happy Birthday to You" has filed a lawsuit in New York over the copyright to it. Good Morning To You Productions Corp. said Warner/Chappell Music Inc. has been collecting "Happy Birthday to You" licensing fees for years. But the film company disputes the copyright, saying the song is "dedicated to public use and in the public domain."
Airlines see late
Airlines are struggling to keep flights on time. The Transportation Department said Thursday that nearly one in four flights arrived late in April, a far worse record than April 2012 and the average of the last 18 years. American Eagle, an affiliate of American Airlines, has the worst on-time record. American Airlines ranked last among the nation's five biggest carriers.