Belo Corp. To Reap $51.9M From Spinoff

Posted Tuesday, January 15, 2008 12:00 am

By: Media company Belo Corp. said Tuesday that it expects a gain of $51.9 million from the spinoff of its newspapers and related assets into a separate publicly traded company, according to a regulatory filing.

The deal, which was approved by the company's board on Friday, includes a special tax-free stock dividend distribution to Belo (nyse: BLC - news - people ) shareholders.

According to the filing, Belo will owe $18 million in federal income taxes, as well as a state tax, on the gain.

Belo owns 20 TV stations, owns or operates six cable news stations and manages one TV station through a local marketing agreement. Its daily newspapers include The Dallas Morning News and The Providence Journal.

Belo shares rose 17 cents to $16.02 in afternoon trading.

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Belo Corp. To Reap $51.9M From Spinoff

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