US: Belo newspaper spinoff to bring in $51.9m

Posted by Jean Yves Chainon on January 16, 2008 at 3:05 PM

Belo Corp. expects to gain $51.9 million from the spinoff of its newspaper and related assets into a separate publicly traded company.

 
The deal includes a special tax-free stock dividend distribution to Belo shareholders.

Belo will owe $18 million in federal income and state taxes, on the gain.

Its daily newspapers include The Dallas Morning News and The Providence Journal.

Source: BusinessWeek through IFRA Executive News Service

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• Newspaper

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