August 20, 2004

Belo's monthly revenue and statistical report July 2004

Dallas, TX -- Belo Corp. (NYSE: BLC) issued today its statistical report for the month of July. Newspaper Group revenues increased 4.7 percent for the month of July with a 4.4 percent increase in advertising revenue. July 2004 included one more Friday and Saturday than July 2003. Adjusting for the extra Friday and Saturday and including online revenue, Newspaper Group total revenue would have increased approximately 3.3 percent, with a decrease of 0.4 percent at The Dallas Morning News, an increase of 5.4 percent at The Providence Journal, and an increase of 14.4 percent at The Press-Enterprise in Riverside. Television Group total and spot revenues increased 5.5 percent. Political revenues were $2.5 million in July 2004 compared with $185,000 in July 2003.

July Newspaper Linage
At The Dallas Morning News, total revenue increased 1.1 percent on a reported basis in July, with a 0.3 percent decrease in advertising revenue. Retail full-run ROP revenue increased 3.4 percent with increases in the computers, sporting goods and automotive categories partially offset by decreases in the department stores and grocery categories. Retail full-run ROP linage increased 5.7 percent. General full-run ROP revenue decreased 12.5 percent partially due to a difficult comparison to July 2003, which was up 35.8 percent versus July 2002. General full-run ROP volume decreased 18.0 percent. Classified revenue increased 0.7 percent versus last year with a 2.6 percent decrease in volume. On a like-days basis and including online revenue, classified revenue increased 1.7 percent with increases in classified employment and real estate revenues of 11.9 percent and 5.3 percent, respectively, and a decrease of 17.9 percent in classified automotive revenue. On a reported basis, preprints copies decreased 4.2 percent versus last year.

At The Providence Journal, total revenue increased 4.3 percent in July with a 5.3 percent increase in advertising revenue. Total full-run ROP linage increased 0.6 percent. Classified volume increased 7.8 percent while retail volume decreased 9.7 percent. Linage in general, a relatively small category for The Providence Journal, increased 103.6 percent. Preprints copies decreased 2.0 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 seven 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/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; the results of the internal investigation and reviews related to circulation at Belo's newspapers; 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's Monthly Revenue and Statistics