May 10, 2005
Belo re-elects board members, ratifies appointment of independent public accounting firm at annual meeting of shareholders
Dallas, TX -- Belo Corp. (NYSE: BLC) announced the re-election of five members of its Board of Directors at its Annual Meeting of Shareholders today.
The directors are: France A. Cordova, a director since 2003 and chancellor of the University of California Riverside; Robert W. Decherd, a director since 1976 and Belo's chairman, president and chief executive officer; Laurence E. Hirsch, a director since 1999 and chairman of Eagle Materials Inc.; Anne Szostak, a director since 2004 and former executive vice president of Fleet Boston Financial; and J. McDonald Williams, a director since 1985 and chairman emeritus of Trammell Crow Company.
These Class I directors are eligible to serve a three-year term until 2008. Stephen Hamblett, a Class III director, retired from the board in conformance with the Company's merger agreement related to the acquisition of The Providence Journal Company in 1997. As a result, the board decreased in size from 14 to 13 members.
Shareholders also ratified the appointment of Ernst & Young LLP as Belo's independent registered public accounting firm at the Annual Meeting.
In his remarks at the Annual Meeting, Robert W. Decherd, Belo's chairman, president and chief executive officer, reviewed Belo's financial performance and the significant progress made on important strategic initiatives in 2004. Decherd highlighted the outstanding achievements of Belo journalists, including the investigative team of WFAA-TV in Dallas/Fort Worth, winner of the Alfred I. duPont-Columbia University Silver Baton Award and the George Foster Peabody Award, and the editorial staff of The Dallas Morning News, winner of the 2004 Scripps Howard Foundation National Journalism Award for Distinguished Service to the First Amendment.
A replay of the meeting will be available online for 30 days beginning today at 1 p.m. CDT on the Investor Relations section of Belo's Web site at www.belo.com.
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 7,600 employees and $1.5 billion in annual revenues, Belo operates in some of America's most dynamic markets in Texas, the Northwest, the Southwest, Rhode Island, and the Mid-Atlantic. Belo owns 19 television stations, six of which are in the 15 largest U.S. broadcast markets. The Company also 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). The Company also publishes specialty publications targeting young adults, affluent populations and the fast-growing Hispanic market, including Quick and al dia in Dallas/Fort Worth, and the d, El D and La Prensa in Riverside. Belo operates more than 30 Web sites associated with its operating companies. Additional information is available at www.belo.com or by contacting Carey Hendrickson, vice president/Investor Relations & Corporate Communications, at 214-977-6626.