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Belo, one of the nation’s largest pure-play TV groups, announced Wednesday (March 11) additional cost cuts to help offset a sinking economy. Effective in mid-April, the TV group will suspend 401(k) matching contributions for all employees, institute a 5 percent salary reduction for employees in the company’s management compensation program and reduce staff by 150 positions.
The cost-saving measures are on top of Belo’s announcement last week that it would suspend future dividends indefinitely.
“As a result of these actions, and other measures previously implemented, we expect 2009 cash operating expenses to be approximately 10 percent lower than 2008, excluding severance costs,” said Dunia Shive, president and CEO for Belo.
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