Belo Second Quarter Revenue Down 2.3%

Belo reported second-quarter revenue of $174 million, down
2.3% from the same quarter last year, as the broadcaster cycled against
political revenue, which was $8.3 million less than the second quarter of 2012.
Total revenue excluding political was up 2.5% in the quarter, with core spot
revenue up 1.6% thanks to a substantial increase in telecommunications
spending.

Gannettreported in June that it is acquiring Belo for $1.5 billion, plus the
assumption of $715 million in existing debt for an enterprise value of $2.2
billion. The deal, subject to regulatory approval, is expected to close by the
end of 2013.

Belo's "other" revenue, which includes internet
advertising, retransmission revenue, and barter and trade advertising, was up
about 6% in the second quarter. Internet revenue increased 21% and retrans grew
10%.

Station salaries, wages and employee benefits
were flat in the second quarter, as was Belo's station programming and other
operating costs.

Michael Malone

Michael Malone, senior content producer at B+C/Multichannel News, covers network programming, including entertainment, news and sports on broadcast, cable and streaming; and local broadcast television. He hosts the podcasts Busted Pilot, about what’s new in television, and Series Business, a chat with the creator of a new program, and writes the column “The Watchman.” He joined B+C in 2005. His journalism has also appeared in The New York Times, The Philadelphia Inquirer, Playboy and New York magazine.