Belo reports US262.81 million loss in 2007
By Leah McBride Mensching, Thursday 14 February 2008 at 21:35 :: Newspaper Data :: #1261 :: rss
Belo Corp. reported a net loss of US$262.81 million, or $2.57 per diluted share, for 2007, Providence Business News reported Thursday.
This is compared to earnings in 2006 of $130.53 million, or $1.26 per share.
The year's results included $9.3 million is expenses, mostly from the spinoff of the media company's newspapers into a separate publicly traded company, A.H. Belo Corp., a transaction that was completed last week. The television and related businesses continue to operate under the Belo Corp.
Total revenue for the Television Group dropped 0.8 percent, to $776.96 million, but online ad revenue increased by 41 percent, reported Providence Business News, owned by Belo.
Revenue fell 10 percent to $738.67 million for the Newspaper Group, due mostly to an 11 percent drop in advertising revenue.
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