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^*

DECHERD ROBERT W

(Last)

(First)

(Middle)

BELO CORP.

P.O. BOX 655237

(Street)

DALLAS

75265-5237

(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)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
05/11/2010

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 A Common Stock	04/20/2010		G	V	11,560	D	$0	520,531	D
Series A Common Stock	05/11/2010		M		564⁽¹⁾	A	⁽²⁾	521,095	D
Series A Common Stock	05/11/2010		D⁽³⁾		226⁽³⁾	D	$7.8	520,869	D
Series A Common Stock	05/11/2010		M		35,000⁽⁴⁾	A	⁽²⁾	555,869	D
Series A Common Stock	05/11/2010		D⁽⁵⁾		14,000⁽⁵⁾	D	$7.8	541,869	D
Series A Common Stock	05/11/2010		S⁽⁶⁾		120,000	D	$7.7901⁽⁷⁾⁽⁸⁾	421,869	D
Series A Common Stock								1,200	I	By Spouse⁽⁹⁾
Series A Common Stock								5,468	I	By 401K Account⁽¹⁰⁾

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)
Restricted Stock Units (Time-Based)⁽¹¹⁾	⁽²⁾	05/11/2010		M			564	⁽¹²⁾	⁽¹²⁾	Series A Common Stock	564⁽²⁾	$0	0	D
Restricted Stock Units (Time-Based)⁽¹³⁾	⁽²⁾	05/11/2010		M			35,000	⁽¹⁴⁾	⁽¹⁴⁾	Series A Common Stock	35,000⁽²⁾	$0	0	D
Restricted Stock Units (Time-Based)	⁽²⁾	05/11/2010		A		8,974		⁽¹⁵⁾	⁽¹⁵⁾	Series A Common Stock	8,974⁽²⁾	$0	8,974⁽²⁾	D

Explanation of Responses:

1. The number of shares shown represents the time-based restricted stock units (TBRSUs) that vested on May 13, 2008 and were settled on May 11, 2010. These TBRSUs were awarded on February 27, 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 13, 2008 and were settled on May 11, 2010. 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 time-based restricted stock units (TBRSUs) that vested on May 11, 2010 and settled the same date. These TBRSUs were awarded on May 12, 2009.

5. The number of shares shown represents settlement of the 40% cash portion of TRBSUs that vested on May 11, 2010 and settled the same date. Settlement of the cash portion is, pursuant to SEC guidance, deemed to be a sale of shares to the Company.

6. The open market sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on August 13, 2009.

7. Represents the average sale price per share. Shares sold in open market as follows: 100 shares @ $7.45 per share; 1,300 shares @ $7.47 per share; 100 shares @ $7.52 per share; 700 shares @ $7.54 per share; 100 shares @ $7.56 per share; 1,400 shares @ $7.58 per share; 800 shares @ $7.59 per share; 2,300 shares @ $7.60 per share; 2,400 shares @ $7.61 per share; 2,200 shares @ $7.62 per share; 2,100 shares @ $7.63 per share; 2,300 shares @ $7.64 per share; 1,200 shares @ $7.65 per share; 4,800 shares @ $7.66 per share; 6,500 shares @ $7.67 per share; 1,500 shares @ $7.68 per share; 2,200 shares @ $7.69 per share; 1,800 shares @ $7.70 per share;

8. Continuation of Footnote 7: 500 shares @ $7.71 per share; 700 shares @ $7.74 per share; 4,100 shares @ $7.75 per share; 4,100 shares @ $7.76 per share; 4,700 shares @ $7.77 per share; 3,200 shares @ $7.78 per share; 3,660 shares @ $7.79 per share; 8,500 shares @ $7.80 per share; 6,100 shares @ $7.81 per share; 800 shares @ $7.82 per share; 3,150 shares @ $7.83 per share; 1,800 shares @ $7.84 per share; 3,400 shares @ $7.85 per share; 2,630 shares @ $7.86 per share; 6,800 shares @ $7.87 per share; 2,600 shares @ $7.88 per share; 3,000 shares @ $7.89 per share; 3,200 shares @ $7.90 per share; 5,020 shares @ $7.91 per share; 5,700 shares @ $7.92 per share; 1,400 shares @ $7.93 per share; 2,400 shares @ $7.94 per share; 2,900 shares @ $7.95 per share; 1,800 shares @ $7.96 per share; 3,100 shares @ $7.97 per share; and, 940 shares @ $7.98 per share.

9. The reporting person disclaims beneficial ownership of these securities.

10. Held by the A. H. Belo Savings Plan as of May 11, 2010.

11. These TBRSUs were awarded on February 27, 2008.

12. These TBRSUs vested 100% on May 13, 2008 and were settled on May 11, 2010.

13. These TBRSUs were awarded on May 12, 2009.

14. These TBRSUs vested 100% on May 11, 2010 and were settled same date.

15. These TBRSUs vest 100% on the earlier of June 30, 2011 or the date of the Company's 2011 annual meeting of shareholders and are settled on or within 10 business days of the vesting date.

	Kay F. Stockler, Attorney-in-Fact	05/12/2010
	** 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 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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