Hearst Launches Bid To Take Hearst-Argyle Private
August 27, 2007 at 6:11 AM (PT)
HEARST-ARGYLE TELEVISION INC. partner HEARST CORP. announced FRIDAY that it intends to take the company private for $600 million cash.
HEARST is offering $23.60/share for all outstanding series A common stock in HEARST-ARGYLE that it does not already own; it presently holds 52% of series A and 100% of series B stock in HEARST-ARGYLE, which owns Talk WBAL-A and Rock WIYY (98 ROCK)/BALTIMORE as well as 29 TV stations nationwide, including ABC affiliate WCVB-TV/BOSTON, independent WMOR-TV (MORE TV 32)/LAKELAND-TAMPA, NBC affiliate WESH-TV and CW affiliate WKCF-TV/ORLANDO, NBC affiliate WBAL-TV/BALTIMORE and several more.
After the deal closes, the stations will become a wholly-owned division of HEARST CORP.