Multimedia buy boosts Gannett into top 10. (Gannett Co. acquires Multimedia Inc.)

Broadcasting & Cable, July, 1995 by McClellan, Steve

NBC, Ellis come up short in bid for five network affiliates, other media properties

A last-minute, $1.7 billion bid by Gannett Co. beat out the competition for Multimedia Inc. last week. Based on 1994 results, the new company will have operating income of more than $1.44 billion on revenue exceeding $4.4 billion.

Among the bidders who came up short were groups led by NBC and Ellis Broadcasting. Ellis is thought to have offered $1.5 billion, but NBC's bid was not disclosed.

The acquisition of Multimedia's five network-affiliate TV stations will give Gannett stations coverage of more than 14% of the country and will place the company among the 10 largest broadcast group owners. Gannett already owns 10 television and 11 radio stations.

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