No surprise that newspaper publishers Belo (Dallas Morning News, plus TV stations) and Journal Communications (Milwaukee Journal Sentinel, plus TV stations) reported down quarters. But the Street still underestimated how bad the problems were at both companies: BLC missed its 37 cent EPS target by 5 cents, and JRN missed its 19 cent EPS target by 4 cents. For good measure, JRN warned that 1Q 08 is running behind last year’s.
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