December 20, 2004

Belo's monthly revenue and statistical report November 2004

Dallas, TX -- Belo Corp. (NYSE: BLC) issued today its statistical report for the month of November. Revenues for both the Newspaper Group and the Television Group were in line with estimates provided by Belo management at the Media Week Conferences on Wednesday, December 8. Newspaper Group revenues decreased 8.9 percent for the month of November with a 10.9 percent decrease in advertising revenue. November 2004 included one less Saturday and Sunday than November 2003. Adjusting for one less Saturday and Sunday, and including online revenue, Newspaper Group total revenue would have decreased approximately 0.8 percent, with a decrease of 4.4 percent at The Dallas Morning News, a decrease of 2.2 percent at The Providence Journal, and an increase of 14.4 percent at The Press-Enterprise in Riverside. Television Group revenues increased 7.8 percent with an 8.9 percent increase in spot revenue. Political revenues were $2.9 million in November 2004 compared with $1.5 million in November 2003.

November Newspaper Linage
At The Dallas Morning News, total revenue decreased 12.6 percent on a reported basis in November, with advertising revenue down 15.9 percent. Advertisers used approximately $2.0 million of advertising credits associated with the advertiser compensation plan. Retail full-run ROP revenue decreased 15.6 percent with the most significant decreases noted in the furniture and entertainment categories. Retail full-run ROP linage decreased 10.7 percent. General full-run ROP revenue decreased 5.7 with increases in the media and automotive categories more than offset by decreases in the travel and government categories. General full-run ROP volume increased 7.8 percent. Classified revenue decreased 26.9 percent versus last year with a 20 percent decrease in volume. On a like-days basis and including online revenue, classified revenue decreased approximately 14.7 percent with an increase in classified real estate of 4.6 percent and decreases in classified employment and classified automotive of 4.9 percent and 31.5 percent, respectively.

At The Providence Journal, total revenue decreased 9.0 percent in November with an 8.8 percent decrease in advertising revenue. Total full-run ROP linage decreased 9.8 percent. Retail, general and classified volumes decreased 12.7 percent, 0.7 percent and 5.6 percent, respectively.

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 7,600 employees and $1.4 billion in annual revenues, Belo operates media franchises in some of America's most dynamic markets and regions, including Texas, the Northwest, the Southwest, Rhode Island, and the Mid-Atlantic. Belo owns 19 television stations (six in the top 15 markets); owns or operates seven cable news channels; and manages one television station through a local marketing agreement. Belo's daily newspapers are The Dallas Morning News, The Providence Journal, The Press-Enterprise (Riverside, CA) and the Denton Record-Chronicle (Denton, TX). Belo operates more than 30 Web sites, several interactive alliances and a broad range of Internet-based products. Additional information, including earnings releases and corporate communications, is available online at For more information contact Carey Hendrickson, vice president/Investor Relations & Corporate Communications, at 214-977-6626.

Statements in this communication concerning Belo's business outlook or future economic performance, anticipated profitability, or other financial 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 other factors include, but are not limited to, changes in advertising demand, interest rates and newsprint prices; the current audit by the Audit Bureau of Circulations of The Dallas Morning News' circulation; 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, including the Annual Report on Form 10-K.

November revenue and statistics