August 21, 2006

Belo's monthly revenue and statistical report July 2006

DALLAS -- Belo Corp. (NYSE: BLC) today issued its statistical report for the month of July. Consolidated revenue for July increased 1.1 percent versus July of last year with an increase in Television Group revenue partially offset by a decrease in Newspaper Group revenue.

Robert W. Decherd, Belo's chairman, president, and chief executive officer, said, "Belo's Television Group revenue growth rates have been at the top of the industry throughout 2006 and were again in July. The newspaper advertising environment has been more challenging with results across the industry fluctuating from month to month. June was a relatively strong revenue month for Belo's newspapers; however, while we expected July to be the softest month of the third quarter, July revenues were below our original internal projection."

July Statistical Report

Television Group revenue increased 8.6 percent in July versus last year, with a 6.5 percent increase in spot revenue. Local spot increased 4.4 percent versus July of the prior year, national spot increased 8.7 percent and political revenues were $450,000. Advertising revenues from Belo's Television Group Web sites increased 44 percent in July 2006 versus July 2005.

Newspaper Group total revenue decreased 4.2 percent for the month of July versus the prior year, with a seven percent decrease in advertising revenue. Online advertising revenue, which is included in advertising revenue, increased 36 percent in July 2006 versus July 2005.

At The Dallas Morning News, total revenue decreased 4.4 percent in July versus last year, including an estimated $2.5 million in incremental circulation revenue associated with the change from a buy-sell arrangement with contractors to a fee-for-delivery distribution system. Advertising revenues, which were not affected by the increase in circulation revenue, decreased 8.6 percent in July 2006 versus July 2005. Interactive revenues continued strong in July, increasing 33 percent. General full-run ROP revenue decreased 6.4 percent in July versus last year with strength in the financial and media categories and weakness in the telecom and travel categories. Retail full-run ROP revenue decreased 14 percent with significant decreases noted in the video & music and department stores categories. Classified revenue decreased 7.6 percent versus the prior year with a one percent increase in classified employment revenue, a decrease of 4.6 percent in classified real estate revenue and a 21 percent decrease in classified automotive revenue.

At The Providence Journal, advertising revenue decreased 7.1 percent in July 2006 versus July 2005, with total revenue down 7.4 percent. Interactive advertising revenue in Providence increased over 60 percent in July 2006 versus last year led by sizable gains in classified employment and classified real estate.

At The Press-Enterprise, advertising revenues decreased 1.8 percent in July 2006 versus July 2005 with total revenue down 0.5 percent. Classified revenue increased in July, led by a 27 percent increase in classified real estate revenue, which increased by double digits for the sixth consecutive month.

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 7,700 employees and more than $1.5 billion in annual revenues, Belo operates in some of America's most dynamic markets in Texas, the Northwest, the Southwest, the Mid-Atlantic and Rhode Island. 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, and the fast-growing Hispanic market, including Quick and Al D a in Dallas/Fort Worth, and El D and La Prensa in Riverside. Belo operates more than 30 Web sites associated with its operating companies. Additional information is available at or by contacting 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, dividends, 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 factors include, but are not limited to, changes in capital market conditions and prospects, and other factors such as changes in advertising demand, interest rates and newsprint prices; newspaper circulation matters, including changes in readership, and audits and related actions (including the censure of The Dallas Morning News) 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; the recovery of the New Orleans market (where the Company owns and operates market-leading television station WWL-TV, the CBS affiliate) from the effects of Hurricane Katrina; general economic conditions; and significant armed conflict, as well as other risks detailed in Belo's other public disclosures, and filings with the Securities and Exchange Commission ("SEC") including the Annual Report on Form 10-K.

July tables