Belo Shares Surge After Spinoff News

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BELO SHARES SURGE AFTER SPINOFF NEWS
[SOURCE: Associated Press, AUTHOR: David Koenig]
Belo Corp. said Monday it plans to spin off its newspapers into a new company that will operate separately from its 20 television stations. Investors had pressed Belo to consider splitting the TV and newspaper businesses, but Chairman and Chief Executive Robert Decherd had resisted. In February, he said the newspaper side of the company was too small to stand on its own. He will run the new newspaper business, A.H. Belo Corp, which will include The Dallas Morning News, The Providence Journal, The Press-Enterprise of Riverside (CA), the newspapers' Web sites, direct mail and commercial printing businesses. Belo President and Chief Operating Officer Dunia Shive will become president and CEO of the TV business. By spinning off the newspapers instead of the TV stations, Belo won't have to reapply for its TV licenses, Decherd said. The spinoff would be made through a tax-free distribution of A.H. Belo shares to current Belo shareholders. The spinoff is expected to be in the first quarter of 2008.
http://www.tvnewsday.com/articles/2007/10/01/daily.10/

* Belo announces spinoff of newspaper properties
http://www.dallasnews.com/sharedcontent/dws/dn/latestnews/stories/100107...

* Texas Media Firm to Spin Off Newspapers
http://www.washingtonpost.com/wp-dyn/content/article/2007/10/01/AR200710...


Belo Shares Surge After Spinoff News