Although 1997, when the Dallas-based Belo Corporation bought the Providence Journal Company, was a whole different era in the media industry, the Journal Company's many TV stations -- and not the ProJo itself -- were the main attraction. It's not hard to see why: while newspapers, particularly one with a strong journalistic tradition like the Journal's, are prestigious properties to own, TV is where the big money is. This remains the case even with the seismic shifts in the newspaper and broadcast industry.
Thanks to political commercials, revenue for Belo's TV division rose 29 percent in the fourth quarter (h/t Romenesko), while the take for the Texans' newspaper group fell by three percent. The ProJo, however, (where ad revenue was down 1.8 percent), did better in December than two other Belo newspapers, the flagship Dallas Morning News (down 4.2 percent) and the Press-Enterprise in Riverside, California (down 6.8 percent).