Belo running on all cylinders


Belo Corporation’s Q3 results exceeded Wall Street expectations for both its newspaper and television operations. TV revenues rose 1.8% to 182.4 million, despite a sharp drop-off in political advertising – only 3.2 million vs. 7.5 million a year ago. TV EBITDA rose 1% to 70.6 million. Newspaper revenues were down 7.8% to 181.9 million, but analysts had expected an even bigger drop. Newspaper EBITDA was down 11.7% to 30.7 million. Online revenues, though still a relatively small portion of total revenues, were up double digits in both divisions. TV website revenues shot up 41% to 6.7 million and newspaper online revenues grew 25% to 13.9 million.