October 28, 2003

Belo outlines business strategies at Annual Investor Conference

New York, NY -- In a conference today for the investment community, Belo Corp. (NYSE: BLC) executives outlined the Company's operating strategies, emphasizing Belo's distinctive characteristics and how these translate into value. The Company also reconfirmed the fourth quarter financial guidance issued in the Company's third quarter earnings release on Wednesday, October 22.

Robert W. Decherd, Belo's chairman, president and Chief Executive Officer, was joined by Jack Sander, executive vice president/Media Operations; Dunia A. Shive, executive vice president/Chief Financial Officer; Jim Moroney, publisher and Chief Executive Officer of The Dallas Morning News; and Dennis Williamson, senior corporate vice president, in making presentations at the conference at The St. Regis Hotel in New York.

Decherd highlighted the shared culture existing throughout Belo that provides a common foundation for the Company's strategy of winning through quality journalism and community service. "This strategy of winning through quality - quality that applies equally to each of Belo's operations, across all media - truly makes Belo distinct as a media company," he said. "What's most exciting about our approach is that, because we're all on the same page, the Company is exceptionally well-positioned for the future. We're positioned as such because the future is increasingly about how well a company's media operations work together - by sharing content, creating combined sales and advertising opportunities, and embracing common technology platforms."

Williamson, who along with Dunia Shive leads Belo's technology efforts, cited several of Belo's technology initiatives that are creating operational efficiencies, allowing for the sharing of content among Belo's operating companies and providing new revenue streams. Sander used Belo's various complementary assets in the Seattle/Tacoma market to illustrate the power of Belo's operating franchises, and how building superior franchises translates into market-leading audiences and increased revenue share. Moroney emphasized the Company's focus on circulation growth, revenue growth and expense management at The Dallas Morning News, giving several examples of initiatives related to each area.

After reconfirming Belo's previous fourth quarter guidance, Shive reviewed the Company's revenue and expense categories and spoke in general terms about 2004 expenses and the Company's expectations for political, Olympics and Super Bowl revenues in 2004. Shive said, "We will enter 2004 with market-leading positions, well-managed expenses and a strong balance sheet. And, we remain focused on generating substantial amounts of free cash flow and putting it to use in a smart manner."

A replay of Belo's Investor Conference presentation and additional information on Belo, including earnings releases, are available online at www.belo.com.

On Wednesday, October 29, executives and guests of Belo will visit the New York Stock Exchange to celebrate the Company's 20th anniversary of trading on the Exchange. Decherd will ring The Closing Bell.

About Belo
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 13.7 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, vice president of investor relations, at 214-977-6606. Additional information, including earnings releases, is available online at www.belo.com.

Statements in this communication concerning the Company's business outlook or future economic performance, anticipated profitability, revenues, expenses, capital expenditures, investments, commitments, or other financial or operating items and other statements that are not historical facts, are "forward-looking statements" as the term is defined under applicable Federal Securities Laws. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those statements.

Such risks, uncertainties and factors include, but are not limited to, changes in advertising demand, interest rates and newsprint prices; technological changes; development of Internet commerce; industry cycles; changes in pricing or other actions by competitors and suppliers; regulatory changes; the effects of Company acquisitions and dispositions; general economic conditions; and significant armed conflict, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission ("SEC"), including the Annual Report on Form 10-K.