Belo Chairman Completes Stock Transactions
November 17 2006 - 4:43PM
PR Newswire (US)
DALLAS, Nov. 17 /PRNewswire-FirstCall/ -- Belo Corp. (NYSE:BLC)
said today that Robert W. Decherd, the Company's chairman,
president and chief executive officer, effected several
transactions involving Belo common stock for charitable, tax and
estate planning purposes this week. Mr. Decherd and his wife,
Maureen, contributed 59,318 shares of Belo Series A common stock to
The Dallas Foundation, an independent charitable foundation, to
fund their pledge creating a maintenance endowment for Belo Garden,
a new urban park to be built in downtown Dallas. Belo Garden is one
of three core parks included in the City of Dallas Downtown Parks
Master Plan and will be built with proceeds from a recently
approved bond package and Belo-related contributions. The Decherd
Foundation, a charitable foundation created by the Decherds in
1993, sold 105,109 shares of Belo Series A common stock in the open
market to diversify its investment portfolio. Mr. and Mrs. Decherd
personally sold 151,249 Series A shares in the open market; this
sale represents less than two percent of the shares of Belo common
stock beneficially owned by the Decherds. Mr. Decherd also acquired
and held 336,000 Series B shares upon the exercise of employee
stock options granted to him in 1996 that were scheduled to expire
in December 2006. Mr. Decherd used Series A shares that he owned to
pay the exercise price. As a result of these transactions, Mr.
Decherd beneficially owns 222,227 shares of Series A common stock
and 8,390,836 shares of Series B common stock, as calculated in
accordance with applicable federal securities laws, representing
approximately 8.3 percent of the combined outstanding Series A and
Series B common stock. 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 7,400 employees and more than $1.5
billion in annual revenues, Belo operates in some of America's most
dynamic markets in Texas, the Northwest, the Southwest, the
Mid-Atlantic and Rhode Island. 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. 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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