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DALLAS The Belo Corp. will take a $26 million third-quarter charge as its flagship newspaper, The Dallas Morning News, begins compensating advertisers for overstated circulation.
The $26 million charge will include $3 million to cover the cost of an investigation of the false circulation figures that were corrected Aug. 5, the company said. The charge equates to $16.6 million on an after-tax basis, or $0.14 per share, according to the company. An additional newsprint cost of $4 million due to the advertising credits will be expensed in the fourth quarter of 2004 and the first quarter of 2005, the company said.
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