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Gannett Co. is betting the FCC will let the media giant keep both Arizona's No. 1 newspaper and No. 1 television station.
The $2.8 billion buyout of Central Newspapers Inc., parent to The Arizona Republic, could run afoul of Federal Communications Commission rules regarding cross ownership of a television station and newspaper in the same market.
"FCC restrictions don't prevent such purchases, but the buyer can hold both properties only until the station's license renewal," said Ken Satten, general partner specializing in media law with the Washington, D.C.-based law firm, Wilkinson, Barker, Knauer Inc.
Gannett already owns the No. I rated station in the Valley, KPNX-TV 12. When the deal closes in August, it also will hold the state's largestcirculation newspaper. And that's in addition...