Ad revenues tied to the summer Olympics weren't enough to offset weakness in local broadcaster Belo (NYSE: BLC) Corp.'s spot business, as total rev were down 6.4 percent in in Q3. Net income was $14.4 million, or $0.14 a share, compared with about $15 million, or $0.15 a share. Analysts had been expecting net income to hit $0.20 a share, Reuters reported. On the brighter end, ad revenue from Belo's TV station websites grew 18 percent to $7.9 million, representing 4.6 percent of Belo's total Q3 revenues. As for its Q4 outlook, prospects look dim, as Belo said it was anticipating an 8 percent decline in total revenue.
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By David Kaplan