Belo Reports Narrow 3Q Loss
Oct 25, 2001, 12:00 AM
Newspaper owner and broadcaster Belo said Wednesday it lost money in the third quarter as advertising declined, especially after the terrorist attacks of Sept. 11. Revenue fell 17.4%, to $322.5 million from $390.4 million. Robert W. Decherd, Belo's chairman, president, and chief executive, said the company estimated that its television stations have lost $9 million in revenue and its newspapers $2 million since Sept. 11. The company also increased its newsgathering expenses by $750,000, he said. Last week, the company announced it would cut 160 jobs, bringing its reductions this year to about 8% of its work force. It also said it would freeze wages and capital spending for one year. Belo owns The Dallas Morning News, three other newspapers, and 18 television stations.