February 6, 2004

Belo's monthly revenue and statistical report December 2003

Dallas, TX -- Belo Corp. (NYSE: BLC) issued today its statistical report for the month of December. Newspaper Group revenue decreased 0.8% percent in December while Television Group revenue increased 2.1 percent. December 2003 included one less Sunday than December 2002. Adjusting for one less Sunday, Newspaper Group total revenue would have increased approximately 5.1 percent with an increase in advertising revenue of about 5.9 percent.

December Newspaper Linage
At The Dallas Morning News, total revenue decreased 1.4 percent in December with a 2.9 percent decrease in advertising revenues. Adjusting for one less Sunday, total revenue increased 5.2 percent. On a reported basis, retail full-run ROP revenue decreased 7.0 percent with the most significant decreases in the apparel, entertainment, and department stores categories. Retail full-run ROP volume decreased 6.2 percent. Also on a reported basis, general full-run ROP revenue increased 20.3 percent with significant increases in the financial and travel categories. General full-run ROP volume increased 14.1 percent. Classified revenue decreased 13.7 percent on a reported basis versus last year with a 9.3 percent decrease in volume. Help wanted volumes were down about three percent in December on a comparable basis, including an adjustment for one less Sunday. On a reported basis, classified employment, automotive and real estate revenues were down 23.5 percent, 16.8 percent and 3.2 percent, respectively.

At The Providence Journal, total full-run advertising linage, including preprints and supplements, increased 13.9 percent, and total full-run ROP linage increased 3.6 percent. Retail and classified volumes, including preprints, were up 16.2 and 8.6 percent, respectively. General volumes, including preprints, were down 8.9 percent.

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 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 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