Belo (BLC): A Reminder Of How Little Newspapers Are Worth
October 2, 2007 by Douglas A. McIntyreBelo (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
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