BELO ON SEVERANCE

Belo’s second quarter report is out, with some hefty, indicative increases in the online side. Not that they seem to know what it really means, in terms of revenue or staffing. Thus the Orwellian jargon about upcoming newsroom layoffs:

The third quarter will be the heaviest period for one-time transition costs related to the Company’s technology and business process initiatives, which are currently estimated at $8 to $9 million, including severance. Also, costs related to the voluntary severance plan at The Dallas Morning News are expected in the third quarter; however, it is too early to provide an estimate as The Morning News is still sizing the potential impacts. We expect to provide more information about the voluntary plan and its impacts as the details are finalized. In addition, the third quarter will reflect approximately $3 million in incremental stock-based compensation.

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