Belo Trims Workforce, Salaries

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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.

Michael Malone
Michael Malone

Michael Malone is content director at B+C and Multichannel News. He joined B+C in 2005 and has covered network programming, including entertainment, news and sports on broadcast, cable and streaming; and local broadcast television, including writing the "Local News Close-Up" market profiles. He also hosted the podcasts "Busted Pilot" and "Series Business." His journalism has also appeared in The New York Times, The L.A. Times, The Boston Globe and New York magazine.