Belo reported second-quarter revenue of $174 million, down
2.3% from the same quarter last year, as the broadcaster cycled against
political revenue, which was $8.3 million less than the second quarter of 2012.
Total revenue excluding political was up 2.5% in the quarter, with core spot
revenue up 1.6% thanks to a substantial increase in telecommunications
reported in June that it is acquiring Belo for $1.5 billion, plus the
assumption of $715 million in existing debt for an enterprise value of $2.2
billion. The deal, subject to regulatory approval, is expected to close by the
end of 2013.
Belo's "other" revenue, which includes internet
advertising, retransmission revenue, and barter and trade advertising, was up
about 6% in the second quarter. Internet revenue increased 21% and retrans grew
Station salaries, wages and employee benefits
were flat in the second quarter, as was Belo's station programming and other