NEW YORK ( TheStreet) - Even though Gannett Co. agreed to a hefty premium in its $2.2 billion bid for Belo Corp., shares of the newspaper and TV company soared. After jumping 33% yesterday, Gannett was retreating 4.9% to $25.28. The shares have gained 96% in the past 12 months.
Martore did not foreclose the possibility of more deals. When asked if Gannett's leverage targets would preclude more acquisitions, she said, "No, absolutely not." Groups like Nexstar Broadcasting Group Inc. and Sinclair have been acquisitive on a smaller scale. Media General Inc. is combining with New Young Broadcasting Holding Co. Gannett's bid triggered a rally in TV shares. Nexstar Broadcasting gained $2.22 per share on Thursday afternoon, climbing more than 8%, to $29.41. Sinclair rose $3.14, or 13%, to $27.23. Lin TV Corp. increased by $1.63, more than 14%, to $13.18. Gray Television Inc. was up 80 cents, or nearly 15%, to $6.24.