Belo to Cut 150 Jobs, Lower Salaries

Television company Belo Corp. says it plans to cut about 150 jobs, reduce some employee salaries by 5 percent and suspend its 401(k) matching contributions to help reduce cash operating expenses by about 10 percent this year.

The 5 percent salary reduction will affect employees who are part of the Dallas-based company's management-compensation programs. The suspension of the 401(k) matching program, however, will apply to all employees.

Belo says the cost-cutting measures will take effect in mid-April.

President and Chief Executive Dunia Shive said the new steps and past cost-cutting initiatives will reduce 2009 cash operating expenses by about 10 percent, excluding severance costs.

Copyright AP - Associated Press
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