Hearst Buying More Of Hearst-Argyle
December 7, 2007 at 5:33 AM (PT)
HEARST CORP. filed paperwork with the SEC THURSDAY informing the regulator that it is buying 8 million class A common shares of HEARST-ARGYLE TELEVISION, bringing its stake in the broadcaster to from 74% to 82%.
HEARST, which made a failed bid to take HEARST-ARGYLE private earlier this year, says that it will cost about $186.8 million to buy the shares and the move will allow HEARST to consolidate HEARST-ARGYLE with HEARST for tax purposes.
HEARST-ARGYLE owns Talk WBAL-A and Rock WIYY-A (98 ROCK)/BALTIMORE.