August 12, 2009
Victory for Belo in Securities Action
DALLAS - Belo Corp. (NYSE: BLC) and A. H. Belo Corporation (NYSE: AHC) announced today that the U. S. Court of Appeals for the Fifth Circuit affirmed a U. S. District Court's denial of class certification sought by the plaintiffs in litigation filed in 2004 related to circulation matters at The Dallas Morning News. The Fifth Circuit's decision in Fener v. Belo,
No. 08-10576, held that the plaintiffs had not presented sufficient evidence for the case to proceed as a class action. The Company and the other defendants will now seek to dismiss the litigation.
Robert W. Decherd, Non-Executive Chairman of Belo Corp. and Chief Executive Officer of A. H. Belo said, "This is a very important victory for Belo. From the outset, we believed that there was no evidence that the conduct of the Company or any of its officers caused harm to the Company's shareholders, and the opinion definitively holds that the plaintiffs did not provide any meaningful evidence supporting that allegation. All along, we said we would vigorously defend against the allegations in this litigation, and we are gratified by the Court of Appeals' decision."
In addition to Belo Corp., defendants in the litigation include Decherd; James M. Moroney III, Publisher and Chief Executive Officer of The Morning News; and, Barry T. Peckham, a former officer of The News.
About Belo Corp.
Belo Corp. (BLC) is one of the nation's largest pure-play, publicly-traded television companies, with 2008 annual revenue of $733 million. The Company owns and operates 20 television stations (nine in the top 25 markets) and their associated Web sites. Belo stations, which include affiliations with ABC, CBS, NBC, FOX, CW and MyNetwork TV, reach more than 14 percent of U.S. television households in 15 highly-attractive markets. Belo stations rank first or second in nearly all of their local markets. Additional information is available at www.belo.com or by contacting Paul Fry, vice president/Investor Relations & Corporate Communications, at 214-977-6835.
About A. H. Belo Corporation
A. H. Belo Corporation (NYSE: AHC), headquartered in Dallas, Texas, is a distinguished newspaper publishing and local news and information company that owns and operates four daily newspapers and a diverse group of Web sites. A. H. Belo publishes The Dallas Morning News, Texas' leading newspaper and winner of eight Pulitzer Prizes since 1986; The Providence Journal, the oldest continuously-published daily newspaper in the U.S. and winner of four Pulitzer Prizes; The Press-Enterprise (Riverside, CA), serving southern California's Inland Empire region and winner of one Pulitzer Prize; and the Denton Record-Chronicle. The Company publishes various specialty publications targeting niche audiences, and its partnerships and/or investments include the Yahoo! Newspaper Consortium and Classified Ventures, owner of cars.com. A. H. Belo also owns direct mail and commercial printing businesses. Additional information is available at www.ahbelo.com or by contacting Alison K. Engel, senior vice president/Chief Financial Officer, at 214-977-2248.