December 18, 2003

Belo's monthly revenue and statistical report November 2003

Dallas, TX -- Belo Corp. (NYSE: BLC) issued today its statistical report for the month of November. Newspaper Group revenue increased 6.8 percent in November while Television Group revenue decreased 4.6 percent. November 2003 included one more Sunday than November 2002. Adjusting for the extra Sunday, Newspaper Group total revenue would have increased approximately two percent with an increase in advertising revenue of about one percent. In November 2002, Belo's Television Group recorded $5.9 million in political revenues versus $1.5 million in November 2003. Excluding political revenues, Television Group spot revenues increased 3.0 percent with an 8.5 percent increase in local revenues and a 5.8 percent decrease in national revenues.

November Newspaper Linage
At The Dallas Morning News, total revenue increased 4.9 percent in November with a 4.0 percent increase in advertising revenues. Adjusting for the extra Sunday, total revenue was flat. On a reported basis, retail full-run ROP revenue increased 1.3 percent with increases in the entertainment and computers categories more than offsetting decreases in the general merchandise, apparel and department stores categories. Retail full-run ROP volume increased 1.3 percent. Also on a reported basis, general full-run ROP revenue increased 12.9 percent with significant increases in the financial and travel categories. General full-run ROP volume increased 12.9 percent. Classified revenue decreased 1.4 percent on a reported basis versus last year with a 3.6 percent decrease in volume. Help wanted volumes were down about 11 percent in November on a comparable basis, including an adjustment for the extra Sunday. On a reported basis, classified employment and automotive revenues were down 6.8 percent and 5.2 percent, respectively, while real estate revenue was up 13.6 percent.

At The Providence Journal, total full-run advertising linage, including preprints and supplements, increased 32.7 percent, and total full-run ROP linage increased 7.3 percent. Retail, general and classified volumes, including preprints, were up 36.9 percent, 15.2 percent and 18.2 percent, respectively.

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.

View a PDF file of the report