By: E&P Staff
Belo’s Chairman, President, and CEO Robert Decherd sold stock in the company for charitable and tax planning purposes, the company announced today.
Decherd, along with his wife Maureen, contributed 60,688 shares of Series A stock to the charity the Dallas Foundation. The Decherds sold 60,754 of Series A shares in order to take full tax advantage of their gift.
The Decherd Foundation, formed by the Decherds in 1993, sold 53,000 shares of Series A stock to diversify its portfolio.
As a result of these transactions, Decherd owns 85,785 shares of Series A stock and 8,337,836 of Series B stock, representing approximately an 8.1% stake in the company.
Holders of Belo’s Series B stock have 10 times the voting rights of Series A shareholders.