Belo completes spin-off, begins trading separately
By Erina Lin, Monday 11 February 2008 at 22:02 :: Media Ownership :: #1239 :: rss
Belo has completed the spin-off of its original newspaper division. The new broadcast-focus company, which operates 20 local stations in seven markets in the United States, began trading Monday.
The newspaper operations, including The Dallas Morning News and Providence Journal, are now a new separate public company, A.H. Belo, which also began trading on the NYSE Monday, Media Post reported Monday.
The old Belo closed Friday at $16.36, up about two percent, but down from a 52-week high of about $23.
The new Belo, calling itself "one of the largest pure-play television companies in the country," has duopolies in six markets. Eighty-nine percent of its estimated $775 million annual revenue is comprised of spots sales, two percent is network compensation, which will be zero around 2011, and three percent is retransmission consent, which could double over the next few years, Media Post reported.
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