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Topic: Memos Sent to Romenesko
Date/Time: 1/30/2009 9:39:56 AM
Title: Memo to employees at A.H. Belo papers
Posted By: Jim Romenesko
 
Memo from A.H. Belo CEO Robert Decherd

January 30, 2009

Dear Colleagues:

In a note to the Company's senior management in mid-December, I reported that the Board of Directors and Management Committee are intensely focused on the steps necessary to return A. H. Belo Corporation to profitability, and I said that this commitment is made knowing that the fight we've joined is intensifying in difficulty and complexity. My point then and even more so now is that the rapid deterioration in the U.S. economy has changed the nature and urgency of re-thinking the Company's business model – just as every newspaper publisher and companies in virtually every American industry are compelled to do. I remain optimistic that A. H. Belo has the means by which to work through this challenging period, and refer you to my October 24 letter outlining the strategies and positive themes that provide us an advantage.

That said, the decline in advertising revenues for the newspaper industry and all media persists. This has led to a seemingly endless number of announcements from our peer newspaper publishers and other media companies describing initiatives that respond to such fast-changing business conditions. The key for all companies, and certainly for A. H. Belo, is to generate and preserve cash. Generating cash is a function of external relationships with subscribers and advertisers. We are doing everything possible to reinforce the long-standing, important relationships we have with these two essential constituencies. We are also looking at all ways to generate cash internally, and to preserve cash as outlined below. While these are difficult steps to take, they are necessary and reflect economic conditions far more uncertain than anyone anticipated even three months ago.

Everyone hopes that with a new administration and additional government economic stimuli, business conditions will stabilize during 2009. We can then begin what is sure to be a long, slow climb back to the economic prosperity that existed for most of the past two decades. Even assuming this scenario, it is essential that A. H. Belo get as far ahead of the curve of economic stabilization and improvement as possible. The Board approved my recommendation at its December meeting to engage Bain & Company to assist the /CONTINUED

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