Weeks of newsroom rumors about looming job cuts came true this morning when Belo CEO Robert Decherd sent a letter to shareholders outlining the tremendous challenges facing the newspaper company. After record losses in the first two quarters of 2008, the Dallas Morning News owner believes it needs to get rid of nearly 15 percent of its full-time workforce (it is offering voluntary buyouts, but will institute layoffs if it doesn’t get enough “volunteers”). Also, Decherd says the company will sell off some of its real estate property. Maybe some near the new convention hotel, which has probably gone up in value, hmmm? You can download the shareholder letter and accompanying letter to employees here. The press release, which has less information, can be found here.