DALLAS
Belo Corp. is suspending its employee 401(k) match, imposing a 5 percent salary reduction for management and laying off 150 people, all effective 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," Belo chief Dunia A. Shive said.
Belo (NYSE: BLC) announced the cuts in March after declaring its last dividend for the time being. Belo also renegotiated its bank loan during the month, reducing its obligation from $600 million to $550 million.
The 20 TV-station group started taking swift action after posting a 2008 net loss of $333 million compared to almost $263 million the year before. Belo wrote down $465 million for the year, including $114 million on its TV licenses.
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