The board of Belo Corp. has approved the spinoff of the company’s newspapers into a separate publicly traded firm. According to the Hollywood Reporter, shareholders pushed Belo to split up the company, arguing its “stock price reflects the newspaper industry’s challenges and hides the better momentum at its TV stations.”
The new company will be named A.H. Belo and shareholders will receive 0.20 shares of the new print business for each Belo share held.