November 17, 2006
Belo Chairman Completes Stock Transactions
DALLAS Belo Corp. (NYSE:BLC) said today that Robert W. Decherd, the Company's chairman, president and chief executive officer, effected several transactions involving Belo common stock for charitable, tax and estate planning purposes this week.
Mr. Decherd and his wife, Maureen, contributed 59,318 shares of Belo Series A common stock to The Dallas Foundation, an independent charitable foundation, to fund their pledge creating a maintenance endowment for Belo Garden, a new urban park to be built in downtown Dallas. Belo Garden is one of three core parks included in the City of Dallas Downtown Parks Master Plan and will be built with proceeds from a recently approved bond package and Belo-related contributions.
The Decherd Foundation, a charitable foundation created by the Decherds in 1993, sold 105,109 shares of Belo Series A common stock in the open market to diversify its investment portfolio. Mr. and Mrs. Decherd personally sold 151,249 Series A shares in the open market; this sale represents less than two percent of the shares of Belo common stock beneficially owned by the Decherds.
Mr. Decherd also acquired and held 336,000 Series B shares upon the exercise of employee stock options granted to him in 1996 that were scheduled to expire in December 2006. Mr. Decherd used Series A shares that he owned to pay the exercise price.
As a result of these transactions, Mr. Decherd beneficially owns 222,227 shares of Series A common stock and 8,390,836 shares of Series B common stock, as calculated in accordance with applicable federal securities laws, representing approximately 8.3 percent of the combined outstanding Series A and Series B common stock.
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 7,400 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 www.belo.com or by contacting Carey Hendrickson, vice president/Investor Relations & Corporate Communications, at 214-977-6626.