April 30, 2007

The Dallas Morning News Releases Circulation Figures Consistent

DALLAS - April 30, 2007 The Dallas Morning News, on April 16, 2007, filed with the Audit Bureau of Circulations (ABC), subject to audit, a Publisher's Statement for the six-month period ended March 31, 2007. For this period, the newspaper reported a daily circulation of 411,919 and 563,079 for Sunday, representing a reduction of 14.3% and 13.3%, respectively, compared with the six-month period ended March 31, 2006. Approximately seven points of the daily variance and eight points of the Sunday variance reflect the strategic decision to reduce the paper's distribution perimeter to roughly 100 miles outside the Dallas-Fort Worth DMA as well as planned reductions in third party circulation. These results are consistent with internal goals set by The Dallas Morning News in late 2006.

Data from Scarborough Research indicates that readership has remained virtually flat and has been largely unaffected by these circulation changes. In fact, Scarborough Research data shows that Dallas-Fort Worth readership of The Dallas Morning News in the core four-county distribution area in August 2006 was 1,512,089, virtually the same as in 2001 when readership was 1,560,490. Further, when the August 2006 readership of the core printed newspaper is combined with non-duplicated audiences of DallasNews.com and supplemental targeted products Al D a and Quick, total 2006 readership increases over 10% to 1,660,764.

"Our continuing strategy is to concentrate on acquiring and retaining quality circulation and readership that provide advertisers with the strongest possible return on investment rather than increasing circulation with subscribers having marginal value who are expensive to attract and retain," said Jim Moroney, publisher of The Dallas Morning News.

The Dallas Morning News has completed several initiatives focused on acquiring and retaining a quality subscriber base, including the implementation of several content changes in January 2007, with expansion of Section A and the Business section and revamped Lifestyles sections. Additionally, The Dallas Morning News implemented a Customer Value Management system in October 2006 that accumulates market intelligence to provide a complete view of each customer to serve their needs better and provide advertisers with opportunities to reach very targeted audiences. Since implementation of these initiatives, product-related subscription stops have significantly declined and subscriber churn has stabilized.

Moroney added, "We are pleased with the efforts we have made to date in increasing the quality of our audience and will continue to announce initiatives aimed at acquiring and retaining subscribers who provide maximum value for our advertisers."


About The Dallas Morning News
Established in 1885, The Dallas Morning News serves a readership of over 1.5 million. The newspaper has received eight Pulitzer Prizes since 1986, as well as numerous other industry awards recognizing the quality of its investigative and feature journalism, design and photojournalism. Its Web site, DallasNews.com, received the Scripps Howard Foundation National Award for Web Reporting in 2005. In 2003, the paper launched the leading Spanish-language daily in North Texas, Al D a; the standard-setting free weekday paper, Quick; and the nation's first editorial blog. The Dallas Morning News is the flagship newspaper subsidiary of Belo Corp. (NYSE: BLC), 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.