February 28, 2007
Belo to Discontinue Monthly Reports
DALLAS -- Belo Corp. (NYSE:BLC) said today that the Company is discontinuing its practice of providing monthly revenue and statistical information. The Company noted on its recent year-end 2006 conference call that it was carefully considering the value of providing monthly reports from a shareholder perspective.
Robert W. Decherd, the Company's chairman, president and chief executive officer, said, "Our interests are in informing our shareholders of meaningful financial patterns. Increasingly, a single month's revenue performance is not a reliable indicator of quarterly advertising trends.
"In making this decision, we also considered the composition of the Company's revenue and EBITDA. The segment EBITDA of Belo's Television Group represented two-thirds of the Company's combined Newspaper Group and Television Group segment EBITDA in 2006, and quarterly reports are the industry standard for our pure-play television peers. We also considered the practices of our newspaper and mixed publishing and broadcasting peers that rely on quarterly results to inform investors.
"Regardless of the frequency with which we issue financial data, our aim is to provide the investment community with valuable information that offers meaningful insight into Belo's operating trends."
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 20 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.
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