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« Mass Gov. Patrick to speak at Brown tomorrow | Today | Gas prices up for second consecutive week » October 1, 2007Update: Belo to split into TV, newspaper companiesDALLAS -- Belo Corp., the owner of The Providence Journal, says it will spin off its newspaper division to create separate newspaper and television companies. The new company, to be called A.H. Belo Corp., will also own the Dallas Morning News and The Press-Enterprise of Riverside, Calif. The company said A. H. Belo will also own and manage the various Web sites associated with these properties, as well as certain niche products and direct mail and commercial printing businesses. A. H. Belo's combined newspaper and related online businesses reach a total audience of 3.7 million people. These businesses currently have annual revenues of approximately $750 million and about 3,800 employees. Robert W. Decherd, currently chairman and chief executive officer of Belo Corp., will become chairman, president and CEO of A. H. Belo, and non-executive chairman of Belo Corp. A. H. Belo will be debt-free upon completion of the spin-off. The Dallas-based media company says the spin-off will be made through a tax-free distribution of new A.H. Belo shares to Belo Corporation shareholders in early 2008. Belo says it expects to spin-off to be completed in the first quarter of 2008. "As a separate public company focused exclusively on newspapers and online news and information," Decherd said, "A. H. Belo will be better able to respond to the diverse and rapidly-evolving needs of customers in the local markets it serves, and with no debt, the company will have the financial flexibility to compete in this challenging operating environment and return cash to shareholders through an attractive recurring annual dividend yield." At the effective date of the spin-off, the company's release today said Belo Corp., with approximately 3,200 employees, will be the "largest pure-play publicly-traded television station company in the nation." By late morning, Belo stock had gone up $2.64, to $20 per share. Check the latest price here. Read the dallasnews.com report on the decision. --- With reports from the Associated Press Belo will own and operate 20 television stations (including ABC, CBS, NBC, FOX, CW and MyNetwork TV affiliates) reaching 14 percent of U.S. television households, and their associated Web sites, in 15 markets across the U.S. Nearly all Belo stations rank first or second in their local market based on audience reach. Belo operates 9 stations in 7 of the top 25 markets in the nation, with 6 stations located in the top-15 markets of Dallas/Fort Worth, Houston, Seattle/Tacoma and Phoenix. Belo will also own two 24-hour regional cable news channels: Northwest Cable News (NWCN) and Texas Cable News (TXCN). NWCN is the nation's second-largest regional cable news channel, reaching 2.1 million households in the Pacific Northwest. TXCN is Texas' only regional cable news channel, reaching more than 1.8 million homes. Belo will also retain ownership of two additional news channels and will continue to operate two others through partnerships. Dunia A. Shive, currently president and chief operating officer of Belo Corp., will become president and CEO of Belo Corp.
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ProJo 9 to 5 News Blog
Oct 2005 - March 2006