NEW YORK ( TheStreet) -- Belo Corporation (NYSE: BLC) is trading at unusually high volume Friday with 2.9 million shares changing hands. It is currently at four times its average daily volume and trading up 64 cents (+8.5%) at $8.20 as of 1:06 p.m. ET.

Belo has a market cap of $682 million and is part of the services sector and media industry. Shares are up 5.5% year to date as of the close of trading on Thursday.

Belo Corp. operates as a television company. The company owns and operates 20 television stations, including ABC, CBS, NBC, FOX, CW, and MyNetwork TV affiliates, and their associated Web sites, in 15 markets across the United States. The company has a P/E ratio of 8.8, equal to the average media industry P/E ratio and below the S&P 500 P/E ratio of 16.

TheStreet Ratings rates Belo as a hold. The company's strengths can be seen in multiple areas, such as its robust revenue growth, notable return on equity and expanding profit margins. However, as a counter to these strengths, we find that the company has not been very careful in the management of its balance sheet. You can view the full Belo Ratings Report.

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