May 8, 2002
Belo re-elects board members, announces changes to 401(k) plan
Dallas, TX -- Belo(NYSE: BLC) announced today at its Annual Meeting of Shareholders that shareholders re-elected four Class I nominees to the Board of Directors.
These directors are: John W. Bassett, Jr., a director since 1979 and a partner in the law firm of Bassett & Copple, LLP; Laurence E. Hirsch, a director since 1997 and chairman and chief executive officer of Centex Corporation; J. McDonald Williams, a director since 1985 and chairman of Trammell Crow Company; and Robert W. Decherd, a director since 1976 and chairman, president and chief executive officer of Belo.Burl Osborne, a Class I director since 1987 and publisher emeritus of The Dallas Morning News, retired from the Board effective at the Annual Meeting. Belo also announced today that its Board of Directors has amended the Company's 401(k) plan to allow employees more flexibility in managing their retirement savings plan. The amendments remove the previous restriction requiring employees to reach age 55 before they could exchange out of any Company match made in Belo stock.
Employees will also have the opportunity to buy, sell or trade Series A common stock held in the plan on a real-time basis. To give full effect to this change, the Company match previously made in Series B common stock will be made in Series A common stock starting this week. The amendments also eliminate the 15% ceiling on pretax employee contributions and allow each participant, at his or her own expense, to open a self-directed brokerage account with Fidelity Investments that provides access to a broader selection of investment options, including individual stocks and bonds.In his remarks at the Company's Annual Meeting, Decherd reviewed Belo's performance and journalistic accomplishments in 2001, while addressing the Company's operating priorities for the remainder of 2002.
A replay of the meeting will be available online for 30 days beginning today at 1:00 p.m. CDT on the Financial section of Belo's Web site at www.belo.com.
Belo is one of the nation's largest media companies
with a diversified group of market-leading television, newspaper, cable and interactive media assets. A Fortune 1000 company with approximately 7,800 employees and $1.4 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 19 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 one television station through a local marketing agreement. 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. For more information, contact Scott Baradell, vice president/Corporate Communications,
at 214-977-2067. Additional information, including earnings releases, is available online at www.belo.com.