May 13, 2008
Belo Holds Annual Meeting of Shareholders
Re-Elects Three Members to its Board of Directors
DALLAS, TX -- Belo Corp. (NYSE: BLC) held its Annual Meeting of Shareholders this morning where it re-elected three Class I directors including: Robert W. Decherd, director since March 1976; Dunia A. Shive, director since February 2008; and M. Anne Szostak, director since October 2004. These Class I directors are eligible to serve a three-year term until the 2011 annual meeting.
William T. Solomon, a Class I director, retired from the Board of Directors at today's meeting after serving 25 years. In his remarks at the meeting, Robert W. Decherd, Belo's Chairman, said, "No director has had a greater impact on our Company over the past quarter century, and Bill has set the standard for integrity, discipline and business acumen. On behalf of the entire Board and management team, I express our deep appreciation to Bill Solomon for his outstanding leadership."
In addition, shareholders ratified the appointment of Ernst & Young LLP as Belo's independent registered public accounting firm, and voted against a proposal relating to the repeal of the Company's classified board.
Belo also announced today that Jerry F. Cadigan, production operations manager for WFAA-TV in Dallas/Fort Worth, received the 15th annual William H. Seay Award at the Company's Annual Meeting. The award is named in honor of the late William H. Seay, who served on Belo's Board of Directors for 22 years before his retirement in 1995. The award is given annually to an employee whose standards and values reflect Seay's integrity, loyalty, journalistic standards and community commitment, the same principles that have guided Belo for more than 165 years.
In presenting the award, Dunia A. Shive, Belo's president and Chief Executive Officer, said, "No one is more requested to be on a team than Jerry. His personal integrity has been a measuring stick for others at WFAA to follow, and he has continually set the bar for the many young professionals he's mentored over the years."
Cadigan grew up in Dallas and was an intern at WFAA while a student at SMU. He started on the floor crew almost 35 years ago and WFAA is the only place he has ever worked.
Michael Devlin, president and General Manager of WFAA, said, "To the department heads at WFAA, he's their problem solver -- the guy that simply makes everything happen -- always with a can-do approach and a positive attitude."
Cadigan and his wife Caton have one daughter and one son, Kathleen and Trevor.
A replay of the Webcast of the Annual Meeting of Shareholders can be found at the Company's Web site at www.belo.com/invest.
Belo Corp. is one of the nation's largest pure-play publicly-traded television companies, with annual revenue of approximately $775 million. The Company owns and operates 20 television stations reaching more than 14 percent of U.S. television households, including ABC, CBS, NBC, FOX, CW and MyNetwork TV affiliates, and their associated Web sites, in 15 highly-attractive markets across the United States. Belo stations consistently deliver distinguished journalism for which they have received significant industry recognition including nine Alfred I. duPont-Columbia University Silver Baton Awards; nine George Foster Peabody Awards; and 19 national Edward R. Murrow Awards all since 2000, and in each case more than any other commercial station group in the nation. Nearly all Belo stations rank first or second in their local market. Belo owns stations in seven of the top 25 markets in the nation, with six stations located in the fast-growing, top-14 markets of Dallas/Fort Worth, Houston, Seattle/Tacoma and Phoenix. Additionally, the Company has created regional cable news channels in Texas and the Northwest increasing its impact in those regions. Additional information is available at www.belo.com or by contacting Paul Fry, vice president/Investor Relations & Corporate Communications, at 214-977-6835.