March 7, 2003
Belo to sell radio station in San Antonio
Dallas, TX --Belo Corp. (NYSE: BLC) said today that it has agreed to sell KENS-AM 1160 in San Antonio, Texas to ABC, Inc. for $3.2 million. Pending completion of the transaction, ABC, Inc. will provide programming to the station under a local marketing agreement with Belo beginning April 1. Belo expects to close the sale in the fourth quarter of 2003, subject to FCC approval.
Belo purchased KENS-AM as part of its acquisition of KENS-TV in 1997. In San Antonio, Belo owns KENS-TV, the CBS affiliate, and has a local marketing agreement to operate KBEJ-TV, the UPN affiliate, which is owned by Corridor Television, L.L.P. In addition, Belo owns MySanAntonio.com jointly with The Hearst Corporation's San Antonio Express-News.
Belo Corp. 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 13.7 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. Additional information, including earnings releases, is available online at www.belo.com. For more information, contact Scott Baradell, vice president/Corporate Communications, at 214-977-2067.