SEC FORM 3

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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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1. Name and Address of Reporting Person^*

HENDRICKSON CAREY P

(Last)

(First)

(Middle)

BELO CORP.

P.O. BOX 655237

(Street)

DALLAS

75265-5237

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/05/2010

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

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

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Senior Vice President/CFO

5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Series A Common Stock	7,914	D
Series A Common Stock	2,053	I	401k Account⁽¹⁾
Series B Common Stock	0	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Employee Stock Options (Right to Buy)	⁽²⁾	12/01/2010	Series B Common Stock	1,400	$13.8627	D
Employee Stock Options (Right to Buy)	⁽²⁾	11/30/2011	Series B Common Stock	20,000	$14.3172	D
Employee Stock Options (Right to Buy)	⁽²⁾	12/06/2012	Series B Common Stock	11,000	$17.2879	D
Employee Stock Options (Right to Buy)	⁽²⁾	12/05/2013	Series B Common Stock	15,000	$22.3725	D
Employee Stock Options (Right to Buy)	⁽²⁾	12/03/2014	Series B Common Stock	17,000	$20.1785	D
Employee Stock Options (Right to Buy)	⁽²⁾	12/09/2015	Series B Common Stock	10,000	$17.3119	D
Employee Stock Options (Right to Buy)	⁽³⁾	12/05/2018	Series B Common Stock	19,500	$1.88	D
Employee Stock Options (Right to Buy)	⁽⁴⁾	03/04/2020	Series B Common Stock	37,200	$7.07	D
Restricted Stock Units (Time-Based)	⁽⁵⁾	⁽⁵⁾	Series A Common Stock	9,030⁽⁶⁾	$0⁽⁶⁾	D
Restricted Stock Units (Time-Based)	⁽⁷⁾	⁽⁷⁾	Series A Common Stock	6,500⁽⁶⁾	$0⁽⁶⁾	D
Restricted Stock Units (Time-Based)	⁽⁸⁾	⁽⁸⁾	Series A Common Stock	25,200⁽⁶⁾	$0⁽⁶⁾	D

Explanation of Responses:

1. Held by the Belo Savings Plan as of March 4, 2010.

2. All options are currently exercisable.

3. These options are currently exercisable as to 7,800 shares and will become exercisable as to 5,850 shares on 12/05/2010 and as to the remaining shares on 12/05/2011.

4. These options become exercisable as to 14,880 shares on March 4, 2011 and will become exercisable as to 11,160 shares on March 4, 2012 and as to the remaining shares on March 4, 2013.

5. This time-based restricted stock unit (TBRSU) award vests 100% in 2011 on the date of the Belo Corp. annual earnings release for the fiscal year ending December 31, 2010 and is settled within 10 business days thereafter.

6. Each TBRSU represents a contingent right to receive the value of one share of Belo Corp. Series A Common Stock. TBRSUs are valued as of the date of vesting and are paid 60% in shares of Belo Corp. Series A Common Stock and 40% in cash.

7. This TBRSU award vests 100% in 2012 on the date of the Belo Corp. annual earnings release for the fiscal year ending December 31, 2011 and is settled within 10 business days thereafter.

8. This TBRSU award vests 100% in 2013 on the date of the Belo Corp. annual earnings release for the fiscal year ending December 31, 2012 and is settled within 10 business days thereafter.

	Carey P. Hendrickson	03/08/2010
	** 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 5 (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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