November 28, 2001
Belo invests in Classified Ventures and joins network
Chicago, ILand Dallas, TX -- Classified Ventures (CV) and Belo (NYSE:BLC) announced today that Belo has purchased an equity position in Classified Ventures, LLC. The companies also announced that the newspaper and television Web sites of Belo Interactive, Inc., Belo's Internet subsidiary, are joining the affiliate network of cars.com, CV's leading online automotive site, in 10 key markets.
The Belo Web sites affiliating with cars.com will provide significant sales and promotional resources to cars.com, expanding the network to cover 23 of the nation's top 25 markets and 40 of the top 50 markets. The new affiliates include the Web sites affiliated with Belo's three largest newspapers -- The Dallas Morning News (DallasNews.com), The Providence Journal (projo.com), and The Press-Enterprise (PE.com); and the Web sites affiliated with Belo's television stations located in Houston, Seattle/Tacoma, St. Louis, Portland, New Orleans, Austin and Spokane. The broadcast-affiliated Web sites located in Portland (kgw.com) and Austin (kvue.com) will be the first properties to join the CV network by launching cars.com.
"Building out CV's affiliate network is one of our key strategic objectives," said Daniel A. Jauernig, president and chief executive officer of Classified Ventures. "Adding a new media partner as prominent as Belo will help us take our businesses to the next level faster than planned.
We are thrilled by their decision to partner with us."
Robert W. Decherd, Belo's chairman, president and chief executive officer, said, "We are very glad to be participating in Classified Ventures both as an investor and affiliate. The addition of proven products to Belo's network of local news and information Web sites is an important strategic objective for Belo. We expect great success from the launch of cars.com, and are especially pleased to bring a strong online automotive solution to our broadcast-affiliated Web sites."
Belo will join Classified Ventures' other equity partners and network participants: Gannett Co., Inc., Knight Ridder, The McClatchy Company, The New York Times Company, Tribune Company and The Washington Post Company, that collectively bring 156 newspapers and their related Web sites to the CV network. With the addition of Belo, the combined Sunday circulation of the newspapers in CV's network now tops 25 million.
Donald E. Graham, chairman and chief executive officer, The Washington Post Company, and a member of the Classified Ventures Board of Directors, stated, "We welcome our new partner. Their decision to join CV is evidence of the progress we're making in building out our networks and meeting the needs of our customers. The addition of Belo's outstanding newspaper and television properties brings us an important step closer to our goal of making CV's classified solutions the market leaders, nationally and locally."
About Classified Ventures, LLC
Classified Ventures manages the Internet's leading destinations in three classified advertising categories: automotive, homes for sale and apartment rentals. In partnership with 170 newspaper and television station affiliates, Classified Ventures has developed a national network of on-line marketplaces containing the Web's best local content for buyers, sellers and renters. CV's products are Apartments.com (www.apartments.com), cars.com (www.cars.com) and HomeScape, a real estate private-label application service provider. Based in Chicago, Classified Ventures is owned by seven leading media companies: Belo Corp. (NYSE: BLC), Gannett Co., Inc. (NYSE: GCI), Knight Ridder (NYSE: KRI), The McClatchy Company (NYSE: MNI), The New York Times Company (NYSE: NYT), Tribune Company (NYSE: TRB) and The Washington Post Company (NYSE: WPO).
Belo is one of the nation's largest media companies with a diversified group of market-leading broadcasting, publishing, cable and interactive media assets. A Fortune 1000 company with more than 8,000 employees and $1.5 billion in annual revenues, Belo operates news and information franchises in some of America's most dynamic markets and regions, including Texas, the Northwest, the Southwest, Rhode Island, and the Mid-Atlantic region. Belo owns 18 television stations (six in the top 16 markets) reaching 13.9 percent of U.S. television households; owns or operates six cable news channels; and manages two television stations through local marketing agreements. Belo publishes four daily newspapers: The Dallas Morning News, The Providence Journal, The Press-Enterprise (Riverside, CA.) and the Denton Record-Chronicle (Denton, TX.). Belo Interactive's new media businesses include 34 Web sites, several interactive alliances, and a broad range of Internet-based products.CONTACT: Classified Ventures Dan Donaghy, Senior Vice President, Corporate Development (312) 601-5007 or email@example.com.
or Belo Eric Christensen, Vice President/General Manager, Belo Interactive (214) 977-4000 or firstname.lastname@example.org