A First Look at the New A.H. Belo, the “New’ Newspaper Company

After announcing last week that it would split itself into two companies, Belo has delivered to the SEC a description of what the newspaper side will look like as an independent company. A.H. Belo, the publisher of the Dallas Morning News, The Providence Journal and The Press Enterprise, did $367.9 million in revenue through the first half of the year, down from $407 during the comparable period last year. The decline is largely the result of a $36 million drop in advertising revenue, from $335.2 million to $299.6 million. Earnings also declined, from $7.2 million to $2.9 million. This year’s earnings would actually have been worse, had it not been for a tax benefit the company received during the period.

One of the stated purposes for the spinoff is to allow management to focus on building out A.H. Belo’s (NYSE: BLC) online properties. Currently, the company operates 30 different sites, with online advertising accounting for 7 percent of revenue so far this year, up from 5 percent for 2006. Additionally, Belo’s online division, Belo Interactive, will be owned by A.H. Belo, although it will continue to serve Belo’s broadcast stations as well. Filing.

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