Belo Corp. spins off newspaper group
Belo Corp., publisher of newspapers and direct mail pieces and the owner of 20 television stations, is spinning off its newspaper and publishing arm.
The newspaper group, now called A.H. Belo Corp, will be a publicly traded company. Belo will distribute shares of A.H. Belo tax-free to Belo Corp. shareholders in a transaction expected to occur in the first quarter of next year.
Robert W. Decherd will serve as chairman, president and CEO of A.H. Belo. Decherd is currently chairman/CEO of Belo Corp. Dunia A. Shive, currently president and COO of Belo Corp., will be promoted to president/CEO of the company.
A.H. Belo Corp will continue to publish newspapers The DallasMorning News, The Providence Journal and the Press-Enterprise. Flagship publication The DallasMorning News has the ninth largest daily circulation in the nation.
A.H. Belo will also control Web sites associated with its newspapers, as well as a direct mail and a commercial printing business.
The two halves of Belo - Belo Corp. and A.H. Belo Corp. - are roughly the same size. The newspaper group employs 3,800 people and reports annual revenue of $750 million. The television group employs 3,200 people and also reports annual revenue of $750 million.
Both Belo Corp. andA.H. Belo Corp. will remain headquartered in Dallas.