Updated from 12:53 p.m. EDT
Belo Corp.'s (BLC Quote) solution for its ailing newspaper business is hardly a cure-all, but it does buy the company more time to fix its business model.
The Dallas-based company said Monday that it will spin off its newspaper business, which includes metro broadsheets like the Dallas Morning News and the Providence Journal, in a bid to win a higher valuation on Wall Street. The move will leave Belo as a television-station operator with yearly revenue around $750 million.
Its shares recently were up more than 16% as investors salivated at the prospect of holding a pure-play broadcasting stock unfettered by newspaper woes in 2008, a year when the Olympics and a U.S. presidential election promise to be a boost for TV networks. ...
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