Hearst wants all of Hearst-Argyle TV
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From Times Wire Services
Hearst Corp., publisher of the San Francisco Chronicle and almost 200 magazines, plans to offer about $593.1 million for the stock of Hearst-Argyle Television Inc. it doesn’t already own. The cash offer of $23.50 a share represented a 15% premium over Hearst-Argyle’s closing share price Thursday, closely held Hearst Corp. said.
Hearst Corp. owns a 73% stake in Hearst-Argyle, whose sales and profit have been hurt by a decline in advertising revenue.
Hearst-Argyle shares jumped $4.76, or 23%, to $25.22.
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