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^*

CASS DONALD F JR

(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)
03/01/2007

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)
	Executive Vice President

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	1,549	D
Series A Common Stock	2,955	I	By 401(k) Account⁽¹⁾
Series B Common Stock	2,000	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⁾	12/19/2007	Series B Common Stock	3,600	$26.375	D
Employee Stock Options (Right to Buy)	⁽²⁾	12/16/2009	Series B Common Stock	24,000	$19.125	D
Employee Stock Options (Right to Buy)	⁽²⁾	11/30/2011	Series B Common Stock	43,000	$17.88	D
Employee Stock Options (Right to Buy)	⁽²⁾	12/06/2012	Series B Common Stock	34,000	$21.59	D
Employee Stock Options (Right to Buy)	⁽²⁾	12/05/2013	Series B Common Stock	34,000	$27.94	D
Employee Stock Options (Right to Buy)	⁽³⁾	12/03/2014	Series B Common Stock	34,000	$25.25	D
Employee Stock Options (Right to Buy)	⁽⁴⁾	12/09/2015	Series B Common Stock	20,500	$21.62	D
Restricted Stock Units (Performance-Related)	⁽⁵⁾	⁽⁵⁾	Series A Common Stock	5,418⁽⁶⁾	⁽⁶⁾	D
Restricted Stock Units (Time-Based)	⁽⁷⁾	⁽⁷⁾	Series A Common Stock	1,570⁽⁶⁾	⁽⁶⁾	D
Restricted Stock Units (Time-Based)	⁽⁸⁾	⁽⁸⁾	Series A Common Stock	8,000⁽⁶⁾	⁽⁶⁾	D
Restricted Stock Units (Time-Based)	⁽⁹⁾	⁽⁹⁾	Series A Common Stock	19,070⁽⁶⁾	⁽⁶⁾	D

Explanation of Responses:

1. Held by the Belo Savings Plan as of February 28, 2007.

2. All options are currently exercisable.

3. The options became exercisable as to 13,600 on 12/03/2005, as to 10,200 shares on 12/03/2006, and will become exercisable as to the remaining 10,200 shares on 12/02/2007.

4. The options become exercisable as to 8,200 shares on 12/09/2006, and will become exercisable as to 6,150 shares on 12/09/2007 and as to the remaining 6,150 shares on 12/09/2008.

5. One-half of the performance-related restricted stock units (PBRSUs) shown on this line item vests and is paid out as soon as practicable following each annual earnings release date for the fiscal years ending December 31, 2007 and 2008. Earned PBRSUs not yet paid are subject to additional vesting requirements that depend on the continued employment of the reporting person with the Company.

6. Each restricted stock unit (both performance-related and time-based) represents a contingent right to receive the value of one share of Belo Series A Common Stock. RSUs are valued as of the date of vesting and are paid 60% in shares of Belo Series A Common Stock and 40% in cash.

7. These time-based restricted stock units vest 100% in 2008 on the date of the annual earnings release for the fiscal year ending December 31, 2007 and are settled within 10 business days thereafter.

8. These time-based restricted stock units vest 100% in 2009 on the date of the annual earnings release for the fiscal year ending December 31, 2008 and are settled within 10 business days thereafter.

9. These time-based restricted stock units vest 100% in 2010 on the date of the annual earnings release for the fiscal year ending December 31, 2009 and are settled within 10 business days thereafter.

	Donald F. Cass, Jr.	03/09/2007
	** 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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