Bernstein Liebhard & Lifshitz, LLP Announces Class Action Lawsuit Commenced Against Belo Corporation (BLC)

Market Wire, October, 2004

A securities class action lawsuit was commenced in the United States District Court for the Northern District of Texas, on behalf of all persons who purchased or acquired Belo Corp. (NYSE: BLC) ("Belo" or the "Company") securities (the "Class") between May 12, 2003 and August 6, 2004, inclusive (the "Class Period"). A copy of the complaint is available from the Court or from Bernstein Liebhard & Lifshitz, LLP. Please visit our website at http://www.bernlieb.com or contact us at (800) 217-1522 or by e-mail at BLC@bernlieb.com.

Plaintiff alleges that during the Class Period the Company failed to disclose and misrepresented the following material, adverse facts which were known to defendants or recklessly disregarded by them: (1) that defendants implemented a circulation sales rewards program designed to incentivise contractors to sell more of The Dallas Morning News newspapers to the general public; (2) that the contractors, in order to qualify for the circulation sales rewards, were overstating the true amounts of newspapers that were sold to the public; (3) that circulation managers failed to verify the contractors' sales in order to take advantage of the rewards program; (4) that as a consequence of the foregoing, Belo's reported audited circulation numbers were materially inflated, which in turn allowed Belo to sell more advertisements thereby achieving higher advertizing revenues for the Company; and (5) that Belo's reported financial results, as a result of the aforementioned scheme, were materially inflated at all relevant times.

On August 5, 2004, Belo announced that The Dallas Morning News, a wholly-owned subsidiary, reported a greater than expected decline in its September 2004 circulation. Shares of Belo fell $1.66, or 7.15%, on August 6, 2004, to close at $21.55 per share.

Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired Belo securities during the Class Period. If you purchased or otherwise acquired Belo securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than October 22, 2004.

A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard & Lifshitz, LLP, or other counsel of your choice, to serve as your counsel in this action.

Bernstein Liebhard & Lifshitz, LLP has been retained as one of the law firms to represent the Class. The attorneys at Bernstein Liebhard & Lifshitz, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. For more information about Bernstein Liebhard & Lifshitz, LLP, please visit our website at http://www.bernlieb.com.

If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential Class member or lead plaintiff, you may contact our Shareholder Relations Department at Bernstein Liebhard & Lifshitz, LLP, 10 East 40th Street, New York, New York 10016, (800) 217-1522 or (212) 779-1414 or by e-mail at BLC@bernlieb.com.

Contact: Shareholder Relations Department Bernstein Liebhard & Lifshitz, LLP (800) 217-1522 (212) 779-1414 BLC@bernlieb.com