Dallas-based A.H. Belo cutting salaries

by PegNews wire

A.H. Belo, the parent company of the Dallas Morning News stated Thursday that it will cut salaries and suspend pension contributions this year in an effort to lower costs. It will also stop matching contributions to its savings program and amend severance for the time being.

Here's the release:

Newspaper publisher A. H. Belo Corporation (NYSE:AHC) released a "Letter to Colleagues" today from Robert W. Decherd, chairman, president and Chief Executive Officer. The letter outlines additional steps the Company is taking to reduce costs in response to continued revenue challenges. These actions include salary reductions for certain employees and the suspension of the A. H. Belo Pension Transition Supplement Plan contribution for 2009. A copy of the letter is posted on the Company's Web site in the Investor Relations section.

Additionally, A. H. Belo announced today that its Board of Directors has approved the Company's previously-announced suspension of the A. H. Belo Savings Plan employer matching contribution and adopted an amendment to the A. H. Belo Change in Control Severance Plan to reduce the severance multiple for the Chief Executive Officer and all other designated participants.

They also replaced Ernst & Young, their accounting firm, with KPMG, and added investor Ty Miller, 55, former partner with venture capital firm Austin Ventures, to their board of directors.

Posted by Erin