Belo Corp.

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News Release October 7, 2010 Belo Corp. (BLC) and A. H. Belo Corporation Agree to Split Pension Plan DALLAS - Belo Corp. (NYSE: BLC), one of the nation's largest pure-play, publicly-traded television companies, announced today that the Company and A. H. Belo Corporation have agreed to split The G. B. Dealey Retirement Pension Plan ("Pension Plan" or "Plan") into separately-sponsored plans effective on or about January 1, 2011. The split of the Pension Plan follows the spin-off in February 2008 of Belo Corp.'s newspaper businesses and related assets into a separate publicly-traded company, A. H. Belo Corporation ("A. H. Belo"). The Pension Plan is a defined benefit plan created in 1943, and its 9,300 participants include current and former employees of Belo Corp. and A. H. Belo, and their respective subsidiaries. Benefits under the Plan were frozen in 2007. At the time of the 2008 spin-off, Belo Corp. remained the sole sponsor and administrator of the Pension Plan for all participants, and A. H. Belo agreed to share investment oversight responsibilities with Belo Corp. and was obligated to reimburse Belo Corp. for 60 percent of each contribution Belo Corp. made to the Pension Plan. Under the agreement between Belo Corp. and A. H. Belo, on or about January 1, 2011, benefit liabilities and assets allocable to the approximately 5,100 current and former employee participants of A. H. Belo and its newspaper businesses will be transferred in accordance with government regulations to two new defined benefit pension plans created, sponsored and managed by or on behalf of A. H. Belo, and the new A. H. Belo plans will become solely responsible for paying those benefits. The benefit liabilities and assets allocable to current and former employee participants of Belo Corp. and its television businesses will continue to be held by the existing Pension Plan sponsored and managed by or on behalf of Belo Corp. For plan years starting on and after January 1, 2011, Belo Corp. and A. H. Belo shall each be solely responsible for contributions made to their respective plans. The split of the Plan will not change the amount of the benefits any participant has accrued or is currently receiving. "Completion of the Pension Plan split will enable the companies to manage their respective plans in accordance with their own considerations and strategy," said Dunia A. Shive, Belo's president and Chief Executive Officer. The Pension Plan was closed to new participants on June 30, 2000 except for certain union employees at The Providence Journal, for whom the Plan was closed to new participants on July 30, 2004. On March 31, 2007, the Pension Plan was frozen and all participants ceased earning additional benefits under the Plan. For Belo Corp., the pension split transaction will be treated as a settlement of a portion of the Pension Plan liability for accounting purposes. Under settlement accounting, the pension split is expected to result in a significant reduction to Belo Corp.'s net unfunded pension liability, with an associated reduction in pension-related deferred tax assets and a significant increase in the Company's total shareholders' equity. In addition, Belo Corp.

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