SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

DIAZ PETER L

(Last)

(First)

(Middle)

BELO CORP.

400 S. RECORD STREET

(Street)

DALLAS

75202

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
BELO CORP [ BLC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	President/Media Operations

3. Date of Earliest Transaction (Month/Day/Year)
11/19/2012

4. If Amendment, Date of Original Filed (Month/Day/Year)

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. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Series B Common Stock	11/19/2012		M		45,513	A	$1.88	45,513	D
Series B Common Stock⁽¹⁾	11/19/2012		C		45,513	D	$0⁽²⁾	0	D
Series A Common Stock	11/19/2012		C		45,513	A	$0⁽²⁾	112,171	D
Series A Common Stock	11/19/2012		S		45,513	D	$7.16⁽³⁾	66,658	D
Series B Common Stock	11/20/2012		M		14,487	A	$1.88	14,487	D
Series B Common Stock⁽¹⁾	11/20/2012		C		14,487	D	$0⁽²⁾	0	D
Series A Common Stock	11/20/2012		C		14,487	A	$0⁽²⁾	81,145	D
Series A Common Stock	11/20/2012		S		14,487	D	$7.14⁽⁵⁾	66,658	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction 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 (Month/Day/Year)		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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (Right to Buy)	$1.88	11/19/2012		M			45,513	⁽⁴⁾	12/05/2018	Series B Common Stock	45,513	$0	54,487	D
Employee Stock Option (Right to Buy)	$1.88	11/20/2012		M			14,487	⁽⁴⁾	12/05/2018	Series B Common Stock	14,487	$0	40,000	D

Explanation of Responses:

1. Series B Common Stock is converted into Series A Common Stock upon transfer to someone other than a "Permitted Transferee" as defined in the Issuer's Certificate of Incorporation.

2. No consideration; converted on a share-for-share basis.

3. Represents the average sales price per share. Shares sold in the open market as follows: 25,679 shares @ $7.15 per share; 1,400 shares @ $7.155 per share; 2,100 shares @ $7.16 per share; 6,087 shares @ $7.165 per share; 100 shares @ $7.1675 per share; 700 shares @ $7.169 per share; 3,400 shares @ $7.17 per share; 100 shares @ $7.175 per share; 1,647 shares @ $7.18 per share; 200 shares @ $7.1875 per share; 100 shares @ $7.195 per share; 1,600 shares @ $7.20 per share; 100 shares @ $7.205 per share; 100 shares @ $7.21 per share; and 2,200 shares @ $7.22 per share.

4. The options became exercisable as to 40,000 shares on December 5, 2009, 30,000 shares on December 5, 2010, and as to the remaining shares on December 5, 2011.

5. Represents the average sales price per share. Shares sold in open market as follows: 11,521 shares @ $7.14 per share; 1,100 shares @ $7.145 per share; and 1,866 shares @ $7.15 per share.

	Christine E. Larkin, Attorney-In-Fact	11/20/2012
	** 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).
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