On the surface, A.H. Belo (NYSE:AHC) seems to be a relatively easy company to analyze. In 2008, the company was spun-off from the Belo Corp. (NYSE:BLC) The main business is four newspapers: The Dallas Morning News, The Providence Journal, The Denton Record-Chronicle and The Press-Enterprise. What complicates the analysis is that AHC also received valuable unencumbered real estate assets ($100 million +), a 3.3% ownership stake in Classified Ventures (CV) and a huge unfunded pension liability ($145 million). The purpose of this article is to look at the company as both a "sum of the parts" investment idea and as a going concern investment idea. The four main areas I am going to look at are:...
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