Belo Corp. announced several cost-saving measures aimed at knocking 10% off the broadcaster's 2009 operating expenses. Belo is suspending matching contributions to employees' 401(k) funds, and mandating a 5% salary reduction for employees who are part of the company's "management compensation programs."
Belo Corp. is also eliminating 150 positions. The measures become effective in mid-April.
"As a result of these actions, and other measures previously implemented, we expect 2009 cash operating expenses to be approximately 10 percent lower than 2008, excluding severance costs," said Belo President/CEO Dunia A. Shive.
