November 30, 2001
Belo chairman announces adoption of Personal Trading Plan
Dallas, TX -- Belo(NYSE: BLC) announced today that Robert W. Decherd, Belo's chairman, president and chief executive officer, has adopted a personal trading plan in compliance with Securities Exchange Commission Rule 10b5-1 to become effective next year. Under the terms of the personal trading plan, Mr. Decherd may sell up to 40,000 shares of Series A Common Stock three times a year for a period of five years. The maximum number of shares that may be sold each year represents less than 2% of the shares of Company stock beneficially owned by Mr. Decherd, and does not materially change Mr. Decherd's voting power under Belo's differential voting stock structure.
The trading plan establishes a series of limit orders that may be executed by a broker each March 1, May 1 and November 1, or within the first five business days following such dates, with the first sale not occurring until March 1, 2002.
According to Mr. Decherd, the plan will "facilitate the orderly sale of a limited amount of my personal holdings for estate and tax planning purposes. In particular, this arrangement enables my wife and me to utilize fully a sizeable, unused charitable contribution deduction which arose as we have funded our private charitable foundation."
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 including The Dallas Morning News, The Providence Journal and The Press-Enterprise (Riverside, CA.). Belo Interactive's new media businesses include 34 Web sites, several interactive alliances, and a broad range of Internet-based products. For more information, contact Skip Cass, Belo's senior vice president at 214-977-6602. Additional information, including earnings releases, is available online at www.belo.com.