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Belo Revenue Up 14% in Fourth Quarter - Broadcasting & Cable

Belo Revenue Up 14% in Fourth Quarter

Earnings bolstered by big increase in political ads
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Belo generated total revenue of $205 million in the fourth
quarter of 2012, 14% higher than the fourth quarter of 2011. Political revenue
totaled $32.4 million in the quarter, $26.5 million higher than the fourth
quarter of 2011. Total spot revenue, including political, was up 15% in the
quarter.

Belo's other revenue, which comprises primarily Internet
advertising, retransmission revenue, and barter and trade advertising, was up
8% in the fourth quarter of 2012 compared to the previous fourth quarter, and
included double-digit percentage increases in both retransmission and Internet
revenue.

Combined station and corporate operating costs were up 8% in
the fourth quarter of 2012 compared to the fourth quarter of 2011.

"Our financial performance for the full year was
highlighted by record political revenue, which surpassed $60 million for the
first time in the company's history, and significant growth in our largest
advertising category, automotive, which increased 16% over full year
2011," said Dunia Shive, Belo president and CEO. "The company's total
revenue grew 10% in 2012 compared to 2011."

Belo estimates first quarter 2013 revenue to be up 2-2.5%,
with increases in core spot, retransmission and Internet revenue partially
offset by lower political revenue.

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