When the newspaper division of Belo splits off from the other divisions — which seems to have inspired Scripps — it will be financially sound. So says the company’s recent filing. And, with no debt, one finds it hard to argue at the outset. Of course, as the story in the Providence Journal notes, the company faces the immediate struggle of slumping ad revenues. (Thanks a lot, Internet.) (Also, why is the ProJo always the go-to, Belo-owned outlet for Belo-related news?) So, no debt is good. Also good is the news that the SEC won’t be enforcing any action for the pesky circulation overstatement from a while back.