Hearst After Hearst-Argyle Television Shares Again

HEARST AFTER HEARST-ARGYLE TELEVISION SHARES AGAIN
[SOURCE: Broadcasting&Cable, AUTHOR: Jon Hemingway]
Hearst authorized subsidiary Hearst Broadcasting to purchase up to 8 million shares of series-A Hearst-Argyle Television stock through open market and privately negotiated transactions. The purchases will give Hearst Broadcasting an approximately 82% holding in Hearst-Argyle Television on a fully diluted basis, allowing Hearst to consolidate Hearst-Argyle Television for tax purposes. Hearst launched a tender offer for shares of Hearst-Argyle Television it didn't already own earlier this year but it was resisted.
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