January 5, 2004

Belo presents at Smith Barney Citigroup conference

Phoenix, AZ -- Belo Corp. (NYSE: BLC) presented at the Fourteenth Annual Smith Barney Citigroup Entertainment, Media and Telecommunications Conference in Phoenix today, providing an overview of the Company's business strategies and operations.

Dunia A. Shive, Belo's executive vice president/Media Operations, 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. Shive noted, "Our management team is focused on achieving consistently strong financial results. Belo owns superior assets that will attract more than their fair share of revenue in an economic and advertising recovery."

Dennis A. Williamson, senior corporate vice president and chief financial officer, discussed some of the important technology initiatives that are a part of Belo's five-year strategic technology plan. These initiatives will create operational efficiencies, allow for the sharing of content among Belo's operating companies and provide new revenue streams. Williamson also spoke in general terms about 2004 expenses and the Company's expectations for political, Olympics and Super Bowl revenues in 2004. Williamson 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."

Regarding Belo's financial performance in the fourth quarter of 2003, Williamson stated, "We are comfortable with analysts' mean estimate of earnings per share for the fourth quarter of 2003 of $0.36."

Additional information on Belo is available online at www.belo.com, including the full text of the presentation and the archived Webcast.

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 15 markets) reaching 13.8 percent of U.S. television households; owns or operates 10 cable news channels; and manages one television station through a local marketing agreement. Belo's daily newspapers include 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 more than 30 Web sites, several interactive alliances, and a broad range of Internet-based products. For more information contact Dennis Williamson, Belo's senior corporate vice president and chief financial officer, or Carey Hendrickson, Belo's vice president/Investor Relations, at 214-977-6606.

Statements in this communication concerning the Company's business outlook or future economic performance, anticipated profitability, revenues, expenses, capital expenditures, investment 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 the armed conflict in Iraq or other 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.