Last updated: February 21, 2008 - 9:56am
SPLITTING HEADACHE FOR BELO, HEARST
[SOURCE: Broadcasting&Cable, AUTHOR: Jonathan Hemingway]
Is the sum of the parts greater than the whole? In answering that question, big media companies are drawing different conclusions about how they structure their businesses. Belo Corp. and Hearst Corp. are moving in different directions. Belo is separating its newspaper business from its television business, while Hearst was, until late Friday, trying to buy back the 48% of Hearst-Argyle Television (HTV) shares it doesn't already own. The moves have sparked speculation about how businesses are valued within companies with similar blends of operations, such as Gannett, E.W. Scripps and Media General, all of them companies with newspapers—a business in trouble right now—and television properties that would seemingly have a steadier future.
* Hearst Doesn't Up Offer for Hearst-Argyle
At the last minute, Hearst said Friday that it wouldn't improve its $23.50-per-share bid to acquire the remaining 48% of Hearst-Argyle Television it doesn't already own.
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