The owners of the local NBC television affiliate have purchased and sold the rights to the local CBS affiliate. The Gannett Company, owners of KSDK Channel 5 in St. Louis and 22 other stations across the county bought the Belo Corporation, the owners of KMOV Channel 4 for one-and-a-half-billion dollars plus the assumption of Belo's remaining debt. The total cost of the deal is 2.2-billion.
The two news stations will not be merging however as KMOV will be sold in order to comply with FCC rules and regulations. Those rules stipulate that one company cannot own two of the four top-rated TV stations in a designated market area.
Jack Sander, a former Belo Corp executive will assume ownership of KMOV pending the approval of Belo shareholders and the FCC.