May 11, 2004
Belo re-elects board members, approves executive compensation plan at Annual Meeting of Shareholders
Dallas, TX -- Belo Corp. (NYSE: BLC) announced the re-election of five members of its Board of Directors at its Annual Meeting of Shareholders today.
The directors are: Louis E. Caldera, a director since 2001 and president of the University of New Mexico; Judith L. Craven, M.D., M.P.H., a director since 1992 and currently a regent of the University of Texas System; Stephen Hamblett, a director since 1997 and former chairman and chief executive officer of The Providence Journal Company; Dealey D. Herndon, a director since 1986 and president of Herndon, Stauch & Associates; and Wayne R. Sanders, a director since 2003 and former chairman and chief executive officer of Kimberly-Clark Corporation.
These Class III directors are eligible to serve a three-year term until 2007, with the exception that Stephen Hamblett will retire as a director in May 2005. Arturo Madrid, Ph.D., a Class II director, retired from the board in conformance with the Company's retirement policy. As a result, the board decreased in size from 14 to 13 members.
Shareholders also approved the Belo 2004 Executive Compensation Plan at the Annual Meeting. The plan will provide long-term and short-term incentives to executives, key employees and directors that are substantially similar to those provided in the Company's 2000 Executive Compensation Plan.
In his remarks at the Annual Meeting, Robert W. Decherd, chairman, president and chief executive officer, reviewed Belo's financial performance and competitive progress in 2003. Decherd highlighted the outstanding achievements of Belo journalists, including Cheryl Diaz Meyer and David Leeson of The Dallas Morning News, winners of the Pulitzer Prize in Breaking News Photography; the staff of The Providence Journal, Pulitzer finalists in the Public Service category for their exhaustive coverage of the February 2003 Rhode Island nightclub fire that claimed 100 lives; and investigative teams at KHOU-TV in Houston and WCNC-TV in Charlotte, winners of the George Foster Peabody Award.
A replay of the meeting will be available online for 30 days beginning today at
1 p.m. CDT on the Investor Relations section of Belo's Web site at www.belo.com
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 7,900 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 publishes daily newspapers including 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 Scott Baradell, vice president/Corporate Communications, at 214-977-2067. Additional information, including earnings releases, is available online at www.belo.com.