Hearst Corporation Completes Tender Offer for Shares of Hearst-Argyle Television
June 03 2009 - 8:00AM
PR Newswire (US)
NEW YORK, June 3 /PRNewswire-FirstCall/ -- Hearst Corporation
announced today that it will purchase all of the shares validly
tendered in response to its tender offer for the shares of Series A
Common Stock of Hearst-Argyle Television, Inc. (NYSE:HTV) not
already owned by Hearst. The tender offer expired at 5:00 p.m., New
York City time, on Tuesday, June 2, 2009. (Logo:
http://www.newscom.com/cgi-bin/prnh/20090417/HEARSTLOGO-c ) The
depositary for the tender offer advised Hearst that as of the
expiration of the tender offer, a total of approximately 13,763,289
shares of Hearst-Argyle Series A Common Stock had been tendered,
which includes approximately 347,197 shares subject to guaranteed
delivery. Hearst understands that the tendered shares represent
approximately 80% of the outstanding shares not owned by Hearst
and, together with the shares already beneficially owned by Hearst,
approximately 96% of the 94,254,329 outstanding shares of
Hearst-Argyle common stock. After it completes its purchase of the
tendered shares, Hearst will implement a merger in which
Hearst-Argyle will become a wholly-owned subsidiary of Hearst and
change its name to Hearst Television Inc. In the merger, all shares
held by the remaining public shareholders of Hearst-Argyle will be
cancelled and, subject to the shareholders' rights to exercise
statutory appraisal rights, converted into the right to receive
$4.50 per share in cash, without interest. Following the merger,
Hearst-Argyle's shares will cease to be traded on the New York
Stock Exchange. Hearst expects to complete the merger within the
next several business days. ABOUT HEARST CORPORATION Hearst
Corporation (http://www.hearst.com/) is one of the nation's largest
diversified media companies. Its major interests include ownership
of 15 daily and 49 weekly newspapers, including the Houston
Chronicle, San Francisco Chronicle and Albany Times Union; as well
as interests in an additional 43 daily and 72 non-daily newspapers
owned by MediaNews Group, which include the Denver Post and Salt
Lake Tribune; nearly 200 magazines around the world, including Good
Housekeeping, Cosmopolitan and O, The Oprah Magazine; 29 television
stations through Hearst-Argyle Television (NYSE:HTV) which reach a
combined 18% of U.S. viewers; ownership in leading cable networks,
including Lifetime, A&E, History and ESPN; as well as business
publishing, including a minority joint venture interest in Fitch
Ratings; Internet businesses, television production, newspaper
features distribution and real estate.
http://www.newscom.com/cgi-bin/prnh/20090417/HEARSTLOGO-c
http://photoarchive.ap.org/ DATASOURCE: Hearst Corporation CONTACT:
Paul J. Luthringer of Hearst Corporation, +1-212-649-2540, Web
Site: http://www.hearst.com/
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