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Granite Broadcasting Corp. completed its investment in certain outstanding secured debt and equity securities of Queen City III Limited Partnership, the parent of WKBW-TV, in Buffalo, N.Y. Granite said it issued $ 7.5 million of its cumulative convertible exchangeable preferred stock to a financial institution. In return, the unnamed institution sold Granite a 45% limited partnership interest in Queen City III and a zero coupon 14% senior secured note due June 29 , 1995, of Queen City III with an accreted principal amount of about $ 22.7 million, as of Sept. 30, and secured by a pledge of 98% of the common stock of Queen City Broadcasting Inc., the indirect owner of WKBW.

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Gannett Co. said it completed the previously reported sale of its two St. Louis radio stations, which it operated as KUSA-AM and KSD-FM, to EZ Communications Inc. for slightly more than $ 15 million.