Mr. David Friedman
Television Bureau of Advertising
3 East 54th Street
New York, NY 10022-3108

Dear David:

As we discussed recently, Belo embraces technology and believes in the impact it can have on operational efficiency and customer service. This is why we are encouraged by the changes occurring in our industry thanks to the TVB, its members and many broadcast systems vendors. As we continue to more fully utilize new technologies, electronic commerce (E-Biz) will provide enhanced performance and services to our clients at lower costs to broadcasters.

Earlier this year Belo took an additional step to provide better service to our clients, we provided electronic invoicing at no cost. In early 2006, Belo engaged tvinvoices.com (Spot Buy Spot) to process electronic invoicing. The allure of this product was its low cost to us and, most importantly, that it was free of charge to our clients regardless of their stewardship system.

The initiative has had far greater success than we anticipated. As of the end of August 2006, we sent 44.2% of our invoices electronically. This is up from 27.2% just a month earlier and even more impressively from 24.4% in 2002 when we started keeping records.

Beyond licensing cost savings recognized by moving to tvinvoices.com, at the request of the agency community, we have discontinued distribution of paper invoices to those clients who receive them electronically. We expect to decrease our printing, mailing and postage costs by an estimated $7,000 per month, a huge accomplishment and one that we know is only a beginning.

It is clear from these results as well as those from other initiatives currently under way that our customers are being better served and our stations are becoming more efficient, this is the prize E-Biz represents.

Sincerely,
Steven J. McIntosh
Vice President