Dallas-based media conglomerate Belo will pay $24M in
cash for a 12.38% stake in the Mavericks, according to
Richard Alm of the DALLAS MORNING NEWS. As part of the
deal, Belo obtained a 6.19% "nonvoting interest" in The
Arena Group, the Mavs/Stars partnership formed to "build and
operate" the new AmericanAirlines Center. Belo VP/Financial
& Investor Relations Harold Gaar said that the company "will
not take an active role in the management of the team or the
arena." Mavericks Owner Ross Perot Jr. called Belo "a long-
term strategic partner" and said the company's "expertise in
media will provide many new dynamic business opportunities."
Belo will acquire the 12.38% stake formerly owned by
Crescent Real Estate. The deal "is subject to NBA approval,
which is expected to take about a month" (DALLAS MORNING
NEWS, 7/24). Among Belo's media holdings: The Providence
Journal, the Dallas Morning News and Dallas-based WFAA-ABC,
as well as other TV stations in TX, and the Northwest and
Mid-Atlantic regions (Providence JOURNAL, 7/25).
