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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