Court Dismisses Purported Securities Class Action Lawsuits Against Belo, Individuals
March 30 2006 - 6:02PM
PR Newswire (US)
DALLAS, March 30 /PRNewswire-FirstCall/ -- Belo Corp. (NYSE:BLC)
was notified today that the United States District Court for the
Northern District of Texas granted the motions of Belo Corp. and
other defendants to dismiss the purported federal securities class
action lawsuits filed against them in 2004 arising out of the
previously-reported circulation overstatement at The Dallas Morning
News. The Court granted plaintiffs leave to file an amended
complaint. Guy Kerr, Belo's senior vice president/Law &
Government, stated, "While we have not yet had an opportunity to
study the Court's opinion in detail, we are very pleased the Court
granted the motions to dismiss. If the plaintiffs' lawyers replead
their complaints, we will continue our vigorous defense because we
believe the lawsuits are without merit." 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 7,700
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 and the
fast-growing Hispanic market, including Quick and Al Dia in
Dallas/Fort Worth, and 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. Statements in this communication concerning Belo's
business outlook or future economic performance, anticipated
profitability, revenues, expenses, capital expenditures,
investments, future financings or other financial and non-financial
items 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 capital
market conditions and prospects, and other factors such as changes
in advertising demand, interest rates and newsprint prices;
newspaper circulation matters, including changes in readership, and
audits and related actions (including the censure of The Dallas
Morning News) by the Audit Bureau of Circulations; technological
changes, including the transition to digital television and the
development of new systems to distribute television and other
audio-visual content; development of Internet commerce; industry
cycles; changes in pricing or other actions by competitors and
suppliers; regulatory changes; adoption of new accounting standards
or changes in existing accounting standards by the Financial
Accounting Standards Board or other accounting standard-setting
bodies or authorities; the effects of Company acquisitions and
dispositions; the recovery of the New Orleans market from the
effects of Hurricane Katrina; general economic conditions; and
significant armed conflict, as well as other risks detailed in
Belo's other public disclosures, and filings with the Securities
and Exchange Commission ("SEC") including the Annual Report on Form
10-K. DATASOURCE: 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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