Belo (BLC) yesterday announced that it would separate its newspaper and broadcast properties into two separate companies. The firm’s shares rose from $17.50 to over $21.
Belo’s newspaper revenue has dropped almost 10% in the first half of the year, according to The Wall Street Journal. The stock run-up was not over any excitement around the newspaper business. Wall St. is happy that it can own shares in a TV group. Watch for the stock in the newspaper component of the company to fall when the two companies are officially split.
Douglas A. McIntyre
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.