Dallas-based Belo Corp. suspends future dividends indefinitely

by PegNews wire

DALLAS — Belo Corp., one of the nation's largest pure-play, publicly-traded television companies, announced today that its Board of Directors declared a cash dividend of $0.075 for each outstanding share of Series A common stock and Series B common stock to be paid on June 5, 2009 to shareholders of record on May 15, 2009.

Belo also announced that it is suspending its dividend indefinitely following the June 5, 2009 payment.

"In light of current economic conditions, suspending the dividend will allow Belo's management team to continue to focus on paying down debt and preserving cash while enhancing the Company's financial flexibility," said Dunia A. Shive, Belo's president and Chief Executive Officer.

Source: Belo Corp.