July 25, 2003

Belo announces increase in Quarterly Dividend

Dallas, TX --Belo Corp. (NYSE: BLC) announced today that its Board of Directors increased the Company's quarterly cash dividend rate by 26.7% to $0.095 per share. The last increase in Belo's dividend was in the first quarter of 2001 to the current level of $0.075 per share. The Board declared a quarterly cash dividend of $0.095 for each outstanding share of Series A stock and Series B stock to be paid September 5, 2003 to shareholders of record on August 15, 2003.

Robert W. Decherd, Belo's chairman, president and chief executive officer, said, "After the events of September 11, 2001, we deferred Belo's usual pattern of dividend increases while we worked to re-set the Company's cost structure. With the cost re-setting process complete, the dividend increase is consistent with our longstanding belief in the importance of total shareholder return."

About Belo
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 nine 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 Carey Hendrickson, Belo's vice president/Investor Relations, at 214-977-6606. Additional information, including earnings releases, is available online at www.belo.com.