Special Committee of Hearst-Argyle Television Board Appoints Advisors to Assist in Review of Hearst Corporation Tender Offer
April 13 2009 - 1:38PM
PR Newswire (US)
NEW YORK, April 13 /PRNewswire-FirstCall/ -- Hearst-Argyle
Television, Inc. (NYSE:HTV) today announced that the Special
Committee of its board of directors has retained Morgan Stanley as
its financial advisor to assist them in their review of the
proposed tender offer announced by Hearst Corporation on March 25,
2009. Simpson Thacher & Bartlett LLP has been engaged to
provide legal advice to the Special Committee. Notice to
stockholders: The tender offer referenced in this news release has
not commenced. In response to the proposed tender offer, if
commenced, Hearst-Argyle Television will file with the Securities
and Exchange Commission a solicitation/recommendation statement.
Stockholders of Hearst-Argyle Television are strongly advised to
read Hearst-Argyle Television's solicitation/recommendation
statement, if and when it becomes available, regarding the tender
offer referred to in this news release, because it will contain
important information. Stockholders may obtain a free copy of the
solicitation/recommendation statement (if and when it becomes
available) at the SEC's web site, http://www.sec.gov/. Stockholders
may also obtain, without charge, a copy of the
solicitation/recommendation statement (if and when it becomes
available) by directing requests to Hearst-Argyle Television's
Investor Relations department. About Hearst-Argyle Hearst-Argyle
Television, Inc., a leading local media company, owns 26 television
stations, and manages an additional three television and two radio
stations. The Company's television stations reach approximately 18%
of U.S. TV households, making it one of America's largest
television station groups. Hearst-Argyle also owns 37 websites and
currently provides digital multicast channels, in addition to the
main digital channel, in 20 markets, featuring 24-hour weather and
entertainment programming. Hearst-Argyle is majority-owned by
Hearst Corporation. The Company's Web address is
http://www.hearstargyle.com/. FORWARD-LOOKING STATEMENTS This news
release includes forward-looking statements. We base these
forward-looking statements on our current expectations and
projections about future events. These forward looking statements
generally can be identified by the use of statements that include
phrases such as "anticipate", "will", "may", "likely", "plan",
"believe", "expect", "intend", "project", "forecast" or other such
similar words and/or phrases. Actions taken by Hearst Corporation
with respect to its proposed offer, as well as other matters, may
cause actual events to differ from those we describe. Except as
required by applicable law, we undertake no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. DATASOURCE: Hearst-Argyle
Television, Inc. CONTACT: Tom Campo, Investor Relations for
Hearst-Argyle Television, Inc., +1-212-590-2464 Web Site:
http://www.hearstargyle.com/
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