Buy Belo. Or: Bye, Belo.
Today's the day The Dallas Morning News sets its "voluntary" buyout list: Staffers have till 5:30 p.m. to withdraw their acceptances, which some folks have done and others are contemplating as the end draws near. But there's at least one person in this world high on Belo, and his name ain't Robert Decherd (who one DMN writer I bumped into recently compared to Howard Hughes, since he's been noticeably absent since the housecleaning began). No, TheStreet.com David's Peltier says you should buy you some Belo stock now, as it's a good value available at a low, low price that probably can't get no lower. (After all, it's trading near its 52-week low, and nearly $10 off its September 9, 2005, 52-week high of $24.71). Says Peltier:
"Belo is attractive at current levels for investors who are patient. Supported by the above-average dividend yield, and the prospect that a half-dozen larger competitors may begin to consolidate the newspaper industry over time, Belo's shares can trade up toward the high teens over the next year."
But he does point out that if Belo makes a turnaround, it won't be because of its newspaper division. No, Belo's gonna be a TV and Internet company in the near future, Peltier insists--which comes as no surprise to the newspaper people becoming a thing of the past. --Robert Wilonsky