May 24, 2004

Belo to participate in Banc of America Securities Media, Telecommunications and Entertainment: Unscripted Conference

Dallas,TX-- Belo Corp. (NYSE: BLC) issued a statement today regarding the Company's revenue outlook for the second quarter of 2004 in advance of its participation in the Banc of America Securities Media, Telecommunications and Entertainment: Unscripted Conference in New York on Tuesday, May 25.

Dennis A. Williamson, Belo's senior corporate vice president and chief financial officer said, "As we reported last week, Belo's Newspaper Group revenue increased 7.3 percent in April with a 7.9 percent increase in advertising revenue. Television Group revenue increased 6.2 percent with a spot revenue increase of 7.4 percent.

"The growth in Television Group revenue in April was aided by stronger than anticipated political advertising. Automotive revenue increased four percent in April with more significant increases in the furniture, insurance and home improvement categories. These increases were partially offset by decreases in the food products, health and beauty and healthcare categories. We are seeing similar trends for the Television Group in May with moderate growth in spot revenue before political and higher than expected political revenues. Currently, we expect Television Group spot revenue, including political, to increase about five percent in May while June is currently pacing up in the high-single digits. We continue to expect Television Group spot revenue for the second quarter overall to increase in the mid-to-high single digits.

"Newspaper Group revenue growth in April was enhanced by strong growth in retail, general and classified employment at The Dallas Morning News. In May, which has one more Sunday than May of the prior year, we are noting similar revenue trends on a like days basis; however, the growth in each category is currently expected to be slightly less than April. For the second quarter overall, we continue to expect Newspaper Group advertising revenue to increase in the mid-to-high single digits.

"As is our annual practice, we will update the investment community regarding our second quarter results, including net earnings per share, at the Mid-Year Media Review in New York on Tuesday, June 23."

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.