UPDATE 1-Belo raises Q1 outlook; shares rise
March 1 |
March 1 (Reuters) - Television broadcasting company Belo Corp (BLC.N) raised its first-quarter outlook for spot revenue, as it benefited from airing the Super Bowl and the Winter Olympics, sending its shares up more than 8 percent to a new 52-week high.
The company, which owns a total of 20 TV stations, said first-quarter spot revenue was now growing up closer to the mid-teen level, compared with its prior view of growth in low double-digits.
"Total spot revenue was up more than 9 percent in January and will be up a greater percentage in February due to the Olympics airing on our four NBC stations and the Super Bowl airing on our five CBS stations," Chief Executive Dunia Shive said in a statement.
The automotive category was currently pacing up more than 40 percent in the first quarter, the company said.
Shares of Dallas, Texas-based Belo, which spun off its newspaper businesses and related assets to A.H. Belo Corp (AHC.N) in 2008, were up 8 percent at $7.28 in late morning trade on the New York Stock Exchange. They touched a high of $7.30 earlier. (Reporting by Sudipto Ganguly in Bangalore; Editing by Ratul Ray Chaudhuri)
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