Belo Corp. swung to a third-quarter loss on on write-downs as the television broadcaster’s advertising revenue fell again.
Like other media companies, Belo has struggled with a downturn in advertising dollars. The company has suspended its dividend, shed jobs and frozen wages to concentrate more on paying off debt.
Chief Executive Dunia A. Shive said Tuesday the annual rate of decline in ad sales improved from the second quarter, which is noteworthy because the third quarter was competing with a year-earlier third quarter that was boosted by election and Olympics ad dollars.
The company also said it expects to have amended its bank credit facility and completed separate financing by the end of the month. The possibility Belo could violate its financial covenants has been a worry.
Belo, which owns 20 TV stations, posted a loss of $150.5 million, or $1.47 a share, compared with year-earlier earnings of $14.4 million, or 14 cents a share. Excluding impairment charges, Belo posted a 5-cent profit. More…