January 30, 2002
Belo sells interest in Dallas Mavericks, American Airlines Center
Dallas, TX -- Belo(NYSE: BLC) announced today that it has sold its interest in the Dallas Mavericks and American Airlines Center to entities controlled by Mark Cuban for $27 million.
Belo paid $24.5 million in October 1999 for a 12.38 percent interest in the Mavericks and a 6.19 percent interest in American Airlines Center.
Belo also announced that it has withdrawn a related lawsuit filed against Cuban in November 2000.
Separately, Belo said it has entered into a comprehensive marketing agreement with Cuban, under which Cuban and the Mavericks will advertise on Dallas-based Belo properties.
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, Calif.) and the Denton Record-Chronicle (Denton, Texas). Belo Interactive's new media businesses include 34 Web sites, several interactive alliances, and a broad range of Internet-based products. Additional information, including earnings releases, is available online at www.belo.com. For more information, contact Guy Kerr, Belo's senior vice president, general counsel and secretary, at 214-977-6692