It says these “cost-saving measures,” plus a 5% salary reduction for management, will take effect in the middle of next month.
Belo Corp. announced today several “cost-saving measures” that it says will help reduce the company’s expense base amid the current economic slowdown.
They are: a company-wide staff reduction of approximately 150 positions as well as the suspension of Belo Corp.’s 401(k) matching contribution for all employees and a 5 percent salary reduction for employees who are part of the company’s management compensation programs.
These measures will become effective mid-April.
“As a result of these actions, and other measures previously implemented, we expect 2009 cash operating expenses to be approximately 10 percent lower than 2008, excluding severance costs,” said Dunia A. Shive, Belo’s president-CEO.