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In looking to sell Providence real estate, Projo sees value drop

PBN FILE PHOTO/BRIAN MCDONALD
PROVIDENCE JOURNAL parent A.H. Belo Corp.is looking to sell some of the paper's real estate holdings for $18.85 million.
Posted 10/9/12

PROVIDENCE – The Providence Journal parent company A.H. Belo Corp. is looking to sell the paper’s “non-core” real estate holdings for $18.85 million, reported WPRI.com, cutting nearly in half the value it placed on the properties late in 2008 in a story in the Phoenix.

The $18.5 million includes a $10 million sale-leaseback deal for its headquarters at 75 Fountain St. as well as three parking lots worth a total of $4.85 million and a vacant inserting facility worth roughly $4 million.

Belo hopes to sell the Journal’s headquarters for $10 million and then lease half of it to run the newspaper, according to the news source.

In other Projo news, on Tuesday, the Journal’s executives plan to disclose how many employees they intend to lay off to deal with falling advertising revenue, reported WPRI.com.

According to the news source, the Journal’s total workforce has shrunk by roughly a third since 2008 to 468 employees.

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