February 23, 2007
Belo Chairman Effects 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 and tax planning purposes this week.
Mr. Decherd and his wife, Maureen, contributed 60,688 shares of Belo Series A common stock to The Dallas Foundation, an independent charitable foundation, in a donor-advised fund that will benefit various educational and civic institutions. Mr. and Mrs. Decherd personally sold 60,754 Series A shares in the open market to diversify their personal investment portfolio and take full tax advantage of their gift to The Dallas Foundation.
The Decherd Foundation, a charitable foundation created by the Decherds in 1993, sold 53,000 shares of Belo Series A common stock in the open market to diversify its investment portfolio and create flexibility for the charitable purposes of the foundation.
As a result of these transactions, Mr. Decherd beneficially owns 85,785 shares of Series A common stock and 8,337,836 shares of Series B common stock, as calculated in accordance with applicable federal securities laws, representing approximately 8.1 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 7,100 employees and $1.6 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 Dia 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.