February 22, 2005

Belo's monthly revenue and statistical report January 2005

Dallas, TX -- Belo Corp. (NYSE: BLC) issued today its statistical report for the month of January. Newspaper Group revenues increased 5.7 percent for the month of January with advertising revenue up 4.6 percent. January 2005 included one more Sunday than January 2004. Adjusting for the extra Sunday, Newspaper Group total revenue would have increased approximately 0.6 percent, with a decrease of 4.4 percent at The Dallas Morning News, an increase of 1.9 percent at The Providence Journal, and an increase of 16.7 percent at The Press-Enterprise in Riverside. Television Group revenues increased 2.5 percent with a 2.7 percent increase in spot revenue. Spot revenue excluding political revenue increased 4.3 percent in January.

Please note that previously the Company did not include online revenues in the results of its operating companies. Beginning with this report, online revenues are reported on a combined basis with the results of each operating company. Results for each period in 2004 have been reclassified to conform to the current year presentation.

January Newspaper Linage
At The Dallas Morning News, total revenue increased 0.9 percent in January, with advertising revenue down 1.7 percent. Advertisers used approximately $1.3 million of advertising credits associated with the advertiser compensation plan. Retail full-run ROP revenue decreased 17.2 percent with the most significant decreases noted in the department stores and furniture categories. Retail full-run ROP linage decreased 1.9 percent. General full-run ROP revenue increased 3.2 percent with increases in the telecom and automotive categories partially offset by a decrease in the travel category. General full-run ROP volume increased 16.2 percent. Classified revenue decreased 0.6 percent versus last year with a 6.3 percent increase in volume. On a like-days basis, classified revenue decreased approximately 8.4 percent with decreases in classified employment revenue, classified automotive revenue and classified real estate revenue of approximately 6.1 percent, 16.7 percent and 4.0 percent, respectively.

At The Providence Journal, total revenue increased 9.5 percent in January with a 9.7 percent increase in advertising revenue. Total full-run ROP linage decreased 4.7 percent. Retail volumes decreased 18.6 percent while general and classified volumes increased 41.8 percent and 14.6 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 $1.5 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.

Monthly Revenue and Statistics