Belo Corp. (NYSE:BLC) owns 20 television stations and reaches 14 percent of U.S. television households, making it one of the largest publicly traded, pure play broadcasting companies. It currently offers a 4.5% dividend yield and trades at 5 times TTM free-cash-flow , or about 7.8x earnings.
Here is a basic snapshot of the company:
Belo is in 15 different markets, 14 of which are affiliated with the major networks:
(Source: Belo December Investor Presentation, located here, slide 6)
Belo's revenues are sufficiently diversified across the four major network affiliates, with 35% from CBS, 28% from ABC, 22% from NBC and 2% from FOX stations. As the 10-K states:
"The Company has...
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