February 18, 2004

Belo's monthly revenue and statistical report January 2004

Dallas, TX -- Belo Corp. (NYSE: BLC) issued today its statistical report for the month of January. Newspaper Group revenue increased 5.5 percent for the month of January with a 5.9 percent increase in advertising revenue. At The Dallas Morning News, total revenue increased 2.3 percent in January with a 1.3 percent increase in advertising revenues. Total revenue at The Providence Journal and The Press-Enterprise increased 8.2 percent and 14.5 percent, respectively, in January. Television Group revenue increased 2.6 percent with a 2.6 percent increase in spot revenue. Local revenue increased 3.7 percent while national revenue decreased 4.1 percent.

January Newspaper Linage
At The Dallas Morning News, retail full-run ROP revenue increased 13.4 percent with significant increases in the department stores, computers, and furniture categories. Retail full-run ROP volume increased 6.7 percent. General full-run ROP revenue increased 5.5 percent with increases in the automotive and tobacco categories being partially offset by decreases in the financial and packaged goods categories. General full-run ROP volume decreased 8.1 percent. Classified revenue decreased 4.6 percent versus last year with a 9.8 percent decrease in volume. Classified real estate revenue increased 2.0 percent while classified automotive decreased 1.6 percent. Employment revenue decreased 13.0 percent in January. If online employment revenues and revenues from The Dallas Morning News' other recently developed recruitment products are included, the January employment revenue variance narrows to 4.9 percent.

At The Providence Journal, total full-run advertising linage, including preprints and supplements, increased 19.3 percent, and total full-run ROP linage increased 13.2 percent. Retail and classified volumes, including preprints, were up 25.4 and 18.4 percent, respectively. General volumes, including preprints, were down 10.4 percent.

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 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.

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