Belo (BLC) yesterday announced that it would separate its newspaper and broadcast properties into two separate companies. The firm’s shares rose from $17.50 to over $21.

Belo’s newspaper revenue has dropped almost 10% in the first half of the year, according to The Wall Street Journal. The stock run-up was not over any excitement around the newspaper business. Wall St. is happy that it can own shares in a TV group. Watch for the stock in the newspaper component of the company to fall when the two companies are officially split.

Douglas A. McIntyre