DALLAS — Media company Belo Corp., parent of the Providence Journal, said it lost $315,000 during the second quarter, compared to income of $32.26 million, or 27 cents per share, during the year-ago period.
The company took a charge of some $29 million, or 11 cents per share, related to a write-down of some of its investments in Internet-related companies. In addition, early retirements and corporate staff reductions resulted in Belo taking a charge of $4.5 million, or 2 cents per share.
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In a statement accompanying second quarter results, Belo chairman Robert W. Decherd pointed to the weakened economy and soft advertising environment, as well as “significant declines in dot-com advertising dollars” as adversely affecting the company’s television stations and newspapers. He also said that the company will focus on cost controls, including tightening employment costs through attrition and leaving most vacancies open, throughout the rest of the year.
