Belo Corp., the broadcast TV operator not to be confused with its newspaper cousin AH Belo (NYSE: AHC), saw its losses widen in Q4 as revenues fell 8.8 percent. The Dallas company lost $358.8 million ($3.51 per share) compared with Q407's $333.4 million ($3.23 per share) loss. Pro forma earnings per share from continuing operations were $0.28 and $0.78 for the quarter and the full year, respectively, beating Thomson Reuters' analysts' consensus of $0.26, AP reported. Aside from the wider impact from the economy, Belo Corp.'s (NYSE: BLC) results were impacted from charges related to last October 2007's spin-off plan, which separated the broadcast operations from the newspaper business.
Online: Ad revs at Belo's TV station websites grew 5.1 percent in Q4 and 14 percent for the full year 2008. Online dollars surpassed $30 million for the year and represent over 4 percent of the company's total revenue.
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By David Kaplan