And that’s not the worst news for the parent company of Dallas’ Only Daily Newspaper. It cut expenses by 2.7 percent last year, but saw revenue decline by 14 percent. Those are mind-boggling figures, given the 500 layoffs and accompanying budget cuts that the company made in 2008, as well as the advertising bonus thrown its way by the presidential election.

This year, given a recession no one expects to end until 2010 and no election to boost ad sales, how will Belo cut enough expenses to make ends meet? The already announced 500 layoffs don’t look to be nearly enough.

Because, frankly, if Belo doesn’t cut costs any better this year, it’s time to question whether we’ll have The Morning News as we know it at the end of 2009.

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