FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

MORONEY JAMES M III 		2. Issuer Name and Ticker or Trading Symbol

BELO CORP [ BLC ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

BELO CORP., 400 S. RECORD STREET 		3. Date of Earliest Transaction (MM/DD/YYYY)

5/10/2011
(Street)

DALLAS, TX 75202
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Series A Common Stock   5/10/2011     M    3431   (1) A   (2) 144213   D    
Series A Common Stock   5/10/2011     D (3)    1372   (3) D $7.87   142841   D    
Series A Common Stock   5/10/2011     M    8974   (4) A   (2) 151815   D    
Series A Common Stock   5/10/2011     D (5)    3590   (5) D $7.87   148225   D    
Series A Common Stock                  4800   I   By Spouse   (6)
Series A Common Stock                  136645   I   By Family LLC   (7)
Series A Common Stock                  4909   I   By 401K Account   (8)

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Restricted Stock Units (Time-Based)   (9)   (2) 5/10/2011     M         3431      (10)   (10) Series A Common Stock   3431   (2) $0   0   D    
Restricted Stock Units (Time-Based)   (11)   (2) 5/10/2011     M         8974      (12)   (12) Series A Common Stock   8974   (2) $0   0   D    
Restricted Stock Units (Time-Based)     (2) 5/10/2011     A      8895         (13)   (13) Series A Common Stock   8895   (2) $0   8895   (2) D    

Explanation of Responses:
( 1)  The number of shares shown represents the time-based restricted stock units (TBRSUs) that vested on May 12, 2009 and were settled on May 10, 2011. These TBRSUs were awarded on May 13, 2008.
( 2)  Each TBRSU represents a contingent right to receive the value of one share of Belo Corp. Series A Common Stock. These TBRSUs are valued as of the date of settlement and are paid 60% in shares of Belo Corp. Series A Common Stock and 40% in cash.
( 3)  The number of shares shown represents settlement of the 40% cash portion of TRBSUs that vested on May 12, 2009 and were settled on May 10, 2011. Settlement of the cash portion is, pursuant to SEC guidance, deemed to be a sale of shares to the Company.
( 4)  The number of shares shown represents the TBRSUs that vested on May 10, 2011 and were settled on the same date. These TBRSUs were awarded on May 11, 2010.
( 5)  The number of shares shown represents settlement of the 40% cash portion of TRBSUs that vested on May 10, 2011 and were settled on the same datete. Settlement of the cash portion is, pursuant to SEC guidance, deemed to be a sale of shares to the Company.
( 6)  The reporting person disclaims beneficial ownership of these securities.
( 7)  The reporting person is the manager of the limited liability company that owns the reported securities. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
( 8)  Held by the A. H. Belo Savings Plan as of May 11, 2010.
( 9)  These TBRSUs were awarded on May 13, 2008.
( 10)  These TBRSUs vested 100% on May 12, 2009 and were settled on May 10, 2011.
( 11)  These TBRSUs were awarded on May 11, 2010.
( 12)  These TBRSUs vested 100% on May 10, 2011 and were settled same date.
( 13)  These TBRSUs vest 100% on the date of the Company's 2012 annual meeting of shareholders and are settled on or within 10 business days of vesting.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
MORONEY JAMES M III
BELO CORP.
400 S. RECORD STREET
DALLAS, TX 75202 		X



Signatures
Kay F. Stockler, Attorney-in-Fact 5/11/2011
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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