Belo Reports Narrow 3Q Loss

  • October 25, 2001
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.

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