September 17, 2004

Belo's monthly revenue and statistical report August 2004

Dallas, TX - Belo Corp. (NYSE: BLC) issued today its statistical report for the month of August. Newspaper Group revenues decreased 0.2 percent for the month of August with a 1.4 percent decrease in advertising revenue. August 2004 included one less Friday and Saturday than August 2003. Adjusting for one less Friday and Saturday and including online revenue, Newspaper Group total revenue would have increased approximately 3.0 percent, with an increase of 0.1 percent at The Dallas Morning News, an increase of 4.5 percent at The Providence Journal, and an increase of 11.8 percent at The Press-Enterprise in Riverside. Television Group revenues increased 11.4 percent with a 12.1 percent increase in spot revenue. The Television Group's four NBC affiliates reported $9.7 million of Olympics revenue in August. Political revenues were $3.6 million in August 2004 compared with $677,000 in August 2003.

August Newspaper Linage
At The Dallas Morning News, total revenue decreased 3.5 percent on a reported basis in August, with a 5.2 percent decrease in advertising revenue. Retail full-run ROP revenue decreased 9.3 percent with increases in the sporting goods, professional services and computers categories more than offset by decreases in the grocery, furniture and department stores categories. Retail full-run ROP linage decreased 5.5 percent. General full-run ROP revenue decreased 10.6 percent partially due to weakness in telecom and a difficult comparison to August 2003, which was up 27.1 percent versus August 2002. General full-run ROP volume decreased 3.2 percent. Classified revenue decreased 3.4 percent versus last year with a 12.1 percent decrease in volume. On a like-days basis and including online revenue, classified revenue increased approximately 2.7 percent with increases in classified employment and real estate revenues of approximately 20.4 percent and 19.1 percent, respectively, and a decrease of approximately 16.2 percent in classified automotive revenue.

At The Providence Journal, total revenue increased 3.7 percent in August with a 4.0 percent increase in advertising revenue. Total full-run ROP linage decreased 2.4 percent. Classified volume increased 5.9 percent while retail volume decreased 9.4 percent. Linage in general, a relatively small category for The Providence Journal, increased 32.4 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 7,900 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. Additional information, including earnings releases, is available online at For more information, contact Carey Hendrickson, Belo's vice president of investor relations, at 214-977-6626.

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