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.
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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.
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