February 10, 2005

Belo's monthly revenue and statistical report December 2004

Dallas, TX -- Belo Corp. (NYSE: BLC) issued today its statistical report for the month of December. Newspaper Group revenues increased 1.3 percent for the month of December with advertising revenue up slightly. Including online revenue, Newspaper Group total revenue would have increased approximately 2.4 percent, with a decrease of 0.7 percent at The Dallas Morning News, an increase of 0.6 percent at The Providence Journal, and an increase of 16.8 percent at The Press-Enterprise in Riverside. Television Group revenues increased 3.5 percent with a 4.5 percent increase in spot revenue.

At The Dallas Morning News, total revenue decreased 2.1 percent in December, with advertising revenue down 4.7 percent. Advertisers used approximately $3.3 million of advertising credits associated with the advertiser compensation plan. Retail full-run ROP revenue decreased 11.5 percent with the most significant decreases noted in the department stores and grocery categories. Retail full-run ROP linage decreased 1.1 percent. General full-run ROP revenue decreased 6.8 with increases in the insurance and automotive categories more than offset by decreases in the telecom and packaged goods categories. General full-run ROP volume increased 15.8 percent. Classified revenue decreased 3.4 percent versus last year with a five percent decrease in volume. Including online revenue, classified revenue decreased slightly with an increase in classified employment of 44.3 percent, a decrease in classified real estate of 5.3 percent and a decrease in classified automotive of 17.7 percent.

At The Providence Journal, total revenue was flat in December with a 0.7 percent increase in advertising revenue. Total full-run ROP linage decreased 2.3 percent. Retail volumes decreased 8.0 percent while general and classified volumes increased 21.3 percent and 8.2 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 $1.5 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 www.belo.com. 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, revenues, expenses, capital expenditures, investments, future financings or other financial and non-financial items 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 Dallas Morning News circulation matters, including current and future audits of the newspaper's circulation by the Audit Bureau of Circulations; technological changes, including the transition to digital television and the development of new systems to distribute television and other audio-visual content; development of Internet commerce; industry cycles; changes in pricing or other actions by competitors and suppliers; regulatory changes; adoption of new accounting standards or changes in existing accounting standards by the Financial Accounting Standards Board or other accounting standard-setting bodies or authorities; 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.

December Revenue and Statistics