October 29, 2008

Belo Draws on Credit Facility to Retire Senior Notes

Television Company to Retire Senior Notes November 3, 2008

Dallas - Belo Corp., NYSE: BLC, announced today that it has drawn $364 million under its revolving credit facility to retire $350 million in 8 percent senior notes due November 3, 2008, plus accrued interest. As previously announced, the television company will issue a news release regarding its third quarter 2008 earnings on Monday, November 3, at 7:30 a.m. CST.

About Belo Corp.
Belo Corp. is one of the nation's largest pure-play, publicly-traded television companies, with 2007 annual revenue of $777 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 23 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.