Belo Agrees to Purchase WUPL-TV in New Orleans

Belo Agrees to Purchase WUPL-TV in New Orleans

DALLAS, July 8 /PRNewswire-FirstCall/ -- Belo Corp. (NYSE:BLC) announced today that it has agreed to purchase WUPL-TV, the UPN affiliate in New Orleans, from Viacom Inc.'s (NYSE:VIA)(NYSE:VIA.B) Viacom Television Stations Group ("VTSG") for $14.5 million in cash, subject to FCC approval and other customary closing conditions. The addition of WUPL creates a duopoly in New Orleans with Belo's market-leading CBS affiliate, WWL-TV, strengthening Belo's presence in the market.

Jack Sander, Belo's president/Media Operations, said, "We are excited about expanding Belo's presence in the New Orleans market and extending our valuable partnership with Viacom. The broad and complementary reach achieved by combining the CBS and UPN network-affiliated television stations in New Orleans will allow us to offer viewers and advertisers unmatched value and programming choices in one of the nation's most unique markets."

Fred Reynolds, president and chief executive officer of VTSG, said, "This transaction provides Viacom Television Stations Group with an attractive value and gives Belo a strong UPN affiliate in a market where it is already the leading player. In addition, we're pleased that WUPL will now become part of the Belo family, a company with a proud track record of broadcasting excellence."

According to the May 2005 Nielsen ratings, WUPL reaches almost 750,000 viewers in the New Orleans market with its attractive UPN primetime lineup and syndicated programming including "That 70's Show", "King of the Hill" and "Girlfriends". WWL, perennially one of the top-rated CBS-affiliated television stations in the nation, is the longstanding market leader in New Orleans, reaching nearly 1.6 million viewers. WWL leads all competitors in every local news time period.

The addition of WUPL in New Orleans will create Belo's fifth duopoly. Belo's other duopoly markets include Seattle/Tacoma, Phoenix, Spokane and Tucson. Belo also operates two television stations in San Antonio with its ownership of CBS affiliate KENS-TV and a local marketing agreement with the market's UPN affiliate.

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 7,600 employees and $1.5 billion in annual revenues, Belo operates in some of America's most dynamic markets in Texas, the Northwest, the Southwest, Rhode Island, and the Mid-Atlantic. Belo owns 19 television stations, six of which are in the 15 largest U.S. broadcast markets. The Company also owns or operates seven cable news channels and manages one television station through a local marketing agreement. Belo's daily newspapers are The Dallas Morning News, The Providence Journal, The Press-Enterprise (Riverside, CA) and the Denton Record-Chronicle (Denton, TX). The Company also publishes specialty publications targeting young adults, affluent populations and the fast-growing Hispanic market, including Quick and al dia in Dallas/Fort Worth, and the d, El D and La Prensa in Riverside. Belo operates more than 30 Web sites associated with its operating companies. Additional information is available at http://www.belo.com/ or by contacting Carey Hendrickson, vice president/Investor Relations & Corporate Communications, at 214-977-6626.

About Viacom Television Stations Group

The Viacom Television Stations Group consists of 40 stations, including 21 CBS, 16 UPN, one WB and two stations not affiliated with major networks.

Source: Belo Corp.

CONTACT: Carey Hendrickson, vice president-Investor Relations & Corporate Communications of Belo Corp., +1-214-977-6626

Web site: http://www.belo.com/

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