Belo Closing Purchase Of Kiro-TV Today
A.H. Belo Corp. is closing today on its $162.5 million deal to purchase KIRO-TV (Channel 7) from Bonneville Holding Corp. The deal has been approved by the Federal Communications Commission, the station said.
Belo will own the TV station as of 12:01 a.m. tomorrow, said KIRO-TV spokesman Nick Latham.
One other big event remains in a months-long transition for Channel 7: the loss of CBS, which is taking its programming to KSTW-TV (Channel 11) on March 13.
Bonneville this month announced the layoff of about 50 people at KIRO-TV to get employment to a level specified in the sales agreement. The deal calls for KIRO President and Chief Executive Officer Ken Hatch, General Manager Glenn Wright and two other executives to remain on the payroll for two years.
Although KIRO-TV has affiliated with United Paramount Network, Belo has said it intends to make news an integral part of the station even without CBS.
Copyright (c) 1995 Seattle Times Company, All Rights Reserved.