Hearst offers to buy rest of TV venture

25 Mar 2009

Hearst Corp. said it intends to make a tender offer for the outstanding shares common stock of Hearst-Argyle Television.

Hearst owns about 67 percent of Hearst-Argyle. The purchase, if it goes through, would make Hearst-Argyle a wholly owned subsidiary of privately run Hearst.

Hearst is offering $4 per share in cash, about 91 percent over the most recent closing price.

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Jim Townsend