March 23, 2004

Belo's monthly revenue and statistical report February 2004

DALLAS -- Belo Corp. (NYSE: BLC) issued today its statistical report for the month of February. Newspaper Group and Television Group revenues increased 14.1 percent and 14.6 percent, respectively, for the month of February. February 2004 included one more Sunday and, because 2004 is a leap year, one more day than February 2003. On a comparable basis, Newspaper Group total revenue would have increased approximately 5.5 percent with an increase of about two percent at The Dallas Morning News, eight percent at The Providence Journal and almost 13 percent at The Press-Enterprise in Riverside. Classified employment revenue for the Newspaper Group was up 5.3 percent on a comparable basis. Television Group spot revenues increased 15.7 percent with a 17.7 percent increase in local revenue and a 6.1 percent increase in national revenue.

Beginning with this report, preprint volumes will be stated in number of copies rather than inches, as in previous statistical reports, to be more consistent with the presentation of Belo's peer newspaper companies.

February Newspaper Linage

At The Dallas Morning News, total revenue increased 11.2 percent in February with a 10.5 percent increase in advertising revenues. Retail full-run ROP revenue increased 12.6 percent with increases in the furniture and professional services categories. Retail full-run ROP volume increased 5.1 percent. General full-run ROP revenue increased 10.1 percent with significant increases in the automotive and financial categories partially offset by decreases in the telecom and travel categories. General full-run ROP volume increased 2.4 percent. Classified revenue increased 2.5 percent versus last year with a 7.0 percent decrease in volume. Classified real estate revenue increased 14.1 percent while classified automotive decreased 12.1 percent. Employment revenue increased 16.4 percent in February with a 14.0 percent increase in linage.

On a comparable basis, employment revenue decreased approximately 4.1 percent with a 2.3 percent decrease in linage. Preprints volume increased 9.3 percent versus last year on a reported basis.

At The Providence Journal, total revenue increased 18.5 percent in February. Total full-run ROP linage increased 20.1 percent. Retail, general and classified volumes were up 13.5 percent, 57.7 percent, and 28.6 percent, respectively. Preprints volume increased 19.1 percent versus last year.

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 7,900 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

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.

Belo Monthly Revenue and Statistics