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*
HENDRICKSON CAREY P
(Last) (First) (Middle)
BELO CORP.
400 S. RECORD STREET
(Street)
DALLAS TX 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)
SVP/CFO & Treasurer
3. Date of Earliest Transaction (Month/Day/Year)
02/12/2013
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)
Code V Amount (A) or (D) Price
Series B Common Stock 02/12/2013 M 19,500 A $1.88 19,500 D
Series B Common Stock(1) 02/12/2013 C 19,500 D $0(2) 0 D
Series A Common Stock 02/12/2013 C 19,500 A $0(2) 60,896 D
Series A Common Stock 02/12/2013 S 21,754 D $9.01(3) 39,142 D
Series A Common Stock 02/12/2013 S 19,500 D $9.01(5) 19,642 D
Series A Common Stock 2,053 I By 401k Account(6)
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)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (Right to Buy) $1.88 02/12/2013 M 19,500 (4) 12/05/2018 Series B Common Stock 19,500 $0 0 D
Explanation of Responses:
1. Series B Common Stock is converted into Series A Common Stock upon transfer to 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 sale price per share. Shares sold in the open market as follows: 3,000 shares @ $9.000 per share; 1,500 shares @ $9.0100 per share; 5,154 shares @ $9.0205 per share; 500 shares @ $9.0002 per share; 1,600 shares @ $9.0200 per share; and 10,000 shares @ $9.0201 per share.
4. The options become exercisable as to 7,800 shares on December 5, 2009, as to 5,850 shares on December 5, 2010, and as to the remaining shares on December 5, 2011.
5. Represents the average sale price per share. Shares sold in the open market as follows: 200 shares @ $8.9600 per share; 100 shares @ $8.9650 per share; 200 shares @ $8.9750 per share; 2,200 shares @ $8.9800 per share; 100 shares @ $8.9825 per share; 300 shares @ $8.9850 per share; 800 shares @ $8.9900 per share; 1,726 shares @ $8.9901 per share; 200 shares @ $8.9925 per share; 200 shares @ $8.9950 per share; 3,274 shares @ $9.0000 per share; 100 shares @ $9.0025 per share; 500 shares @ $9.0050 per share; 1,600 shares @ $9.0100 per share; 100 shares @ $9.0125 per share; 1,100 shares @ $9.0150 per share; 600 shares @ $9.0200 per share; 400 shares @ 9.0250 per share; 700 shares @ $9.0300; 1,700 shares @ $9.0350 per share; 500 shares @ $9.0400 per share; 400 shares @ $9.0425 per share; 600 shares @ $9.0450 per share; 1,200 shares @ $9.0500 per share; 200 shares @ $9.0525 per share; 100 shares @ $9.0550 per share; 300 shares @ $9.0600 per share; and 100 shares @ $9.0625 per share.
6. Held by the Belo Savings Plan as of February 8, 2013.
Russell F. Coleman, Attorney-in-Fact 02/14/2013
** 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 Number.