TO BUSINESS AND RADIO-TELEVISION EDITORS:

DALLAS, Feb. 18 /PRNewswire-FirstCall/ -- Belo Corp. (NYSE: BLC) issued today its statistical report for the month of January. Newspaper Group revenue increased 5.5 percent for the month of January with a 5.9 percent increase in advertising revenue. At The Dallas Morning News, total revenue increased 2.3 percent in January with a 1.3 percent increase in advertising revenues. Total revenue at The Providence Journal and The Press-Enterprise increased 8.2 percent and 14.5 percent, respectively, in January. Television Group revenue increased 2.6 percent with a 2.6 percent increase in spot revenue. Local revenue increased 3.7 percent while national revenue decreased 4.1 percent.

January Newspaper Linage

At The Dallas Morning News, retail full-run ROP revenue increased 13.4 percent with significant increases in the department stores, computers, and furniture categories. Retail full-run ROP volume increased 6.7 percent. General full-run ROP revenue increased 5.5 percent with increases in the automotive and tobacco categories being partially offset by decreases in the financial and packaged goods categories. General full-run ROP volume decreased 8.1 percent. Classified revenue decreased 4.6 percent versus last year with a 9.8 percent decrease in volume. Classified real estate revenue increased 2.0 percent while classified automotive decreased 1.6 percent. Employment revenue decreased 13.0 percent in January. If online employment revenues and revenues from The Dallas Morning News' other recently developed recruitment products are included, the January employment revenue variance narrows to 4.9 percent.

At The Providence Journal, total full-run advertising linage, including preprints and supplements, increased 19.3 percent, and total full-run ROP linage increased 13.2 percent. Retail and classified volumes, including preprints, were up 25.4 and 18.4 percent, respectively. General volumes, including preprints, were down 10.4 percent.

About Belo

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 approximately 7,800 employees and $1.4 billion in annual revenues, Belo operates news and information franchises in some of America's most dynamic markets and regions, including Texas, the Northwest, the Southwest, Rhode Island and the Mid- Atlantic region. Belo owns 19 television stations (six in the top 15 markets) reaching 13.8 percent of U.S. television households; owns or operates 10 cable news channels; and manages one television station through a local marketing agreement. Belo's daily newspapers include The Dallas Morning News, The Providence Journal, The Press-Enterprise (Riverside, CA) and the Denton Record-Chronicle (Denton, TX). Belo Interactive's new media businesses include more than 30 Web sites, several interactive alliances and a broad range of Internet-based products. For more information, contact Carey Hendrickson, vice president of investor relations, at . Additional information, including earnings releases, is available online at www.belo.com .

Statements in this communication concerning the Company's business outlook or future economic performance, anticipated profitability, revenues, expenses, capital expenditures, investments, commitments, or other financial or operating items and other statements that are not historical facts, are "forward-looking statements" as the term is defined under applicable Federal Securities Laws. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those statements.

Such risks, uncertainties and factors include, but are not limited to, changes in advertising demand, interest rates and newsprint prices; technological changes; development of Internet commerce; industry cycles; changes in pricing or other actions by competitors and suppliers; regulatory changes; the effects of Company acquisitions and dispositions; general economic conditions; and significant armed conflict, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission ("SEC"), including the Annual Report on Form 10-K.

                                       Belo
                          Monthly Revenue and Statistics
                                   January 2004

     Revenue:
     (Dollars in thousands)
                                   January                  YTD
                                 2004    2003   Change  2004    2003   Change
       Total Television Group
        Revenue                 46,439  45,265   2.6%  46,439  45,265   2.6%
       Total Newspaper Group
        Revenue                 57,039  54,069   5.5%  57,039  54,069   5.5%


                           The Dallas Morning News
     Linage (Note 1):
     (Measured in six-column SAU inches)
                                   January                  YTD
                                 2004    2003   Change  2004    2003   Change
       Number of Sundays            4       4     ---      4       4     ---

     FULL RUN ROP
       Retail                   64,043  60,017   6.7%  64,043  60,017   6.7%
       General                  17,438  18,983  -8.1%  17,438  18,983  -8.1%
       Classified/Legal        106,071 117,593  -9.8% 106,071 117,593  -9.8%
     TOTAL                     187,552 196,593  -4.6% 187,552 196,593  -4.6%

     FULL RUN PREPRINTS
       Retail                   50,618  65,337 -22.5%  50,618  65,337 -22.5%
       General                  19,265  17,040  13.1%  19,265  17,040  13.1%
     TOTAL                      69,883  82,377 -15.2%  69,883  82,377 -15.2%

     TOTAL FULL RUN:
     ROP, PREPRINTS AND
      SUPPLEMENTS
       Retail                  116,372 127,650  -8.8% 116,372 127,650  -8.8%
       General                  37,078  36,511   1.6%  37,078  36,511   1.6%
       Classified/Legal        106,071 117,593  -9.8% 106,071 117,593  -9.8%
     TOTAL                     259,521 281,754  -7.9% 259,521 281,754  -7.9%

     Note 1:  Certain amounts for the prior year have been reclassified to
              conform to the current year presentation.


      Circulation (Note 2):    Six-month period ended
                                    September 30,
                                 2003    2002   Change
         Daily                 526,191 525,532   0.1%
         Sunday                785,876 784,905   0.1%

     Note 2:  ABC FAS-FAX circulation figures are the average for the
              six months ending September 30, 2003.
     Source:  Internal Records


                            The Providence Journal
     Linage:
     (Measured in six-column SAU inches)

                                   January                  YTD
                                 2004    2003   Change  2004    2003   Change
       Number of Sundays            4       4     ---      4       4     ---

     FULL RUN ROP
       Retail                   56,838  51,325  10.7%  56,838  51,325  10.7%
       General                   2,680   2,559   4.7%   2,680   2,559   4.7%
       Classified/Legal         34,312  28,971  18.4%  34,312  28,971  18.4%
     TOTAL                      93,830  82,855  13.2%  93,830  82,855  13.2%

     FULL RUN PREPRINTS
       Retail                   72,448  52,057  39.2%  72,448  52,057  39.2%
       General                  15,826  18,018 -12.2%  15,826  18,018 -12.2%
     TOTAL                      88,274  70,075  26.0%  88,274  70,075  26.0%

     TOTAL FULL RUN:
     ROP, PREPRINTS AND
      SUPPLEMENTS
       Retail                  129,819 103,509  25.4% 129,819 103,509  25.4%
       General                  18,506  20,661 -10.4%  18,506  20,661 -10.4%
       Classified/Legal         34,312  28,971  18.4%  34,312  28,971  18.4%
     TOTAL                     182,637 153,141  19.3% 182,637 153,141  19.3%


     Circulation (Note 2):     Six-month period ended
                                    September 30,
                                 2003    2002   Change
       Daily                   167,609 166,836   0.5%
       Sunday                  236,096 234,681   0.6%

     Note 2:  ABC FAS-FAX circulation figures are the average for the
              six months ending September 30, 2003.
     Source:  Internal Records

SOURCE  Belo Corp.