Hearst Corp. wants to buy the remaining stake in local TV operator Hearst-Argyle (NYSE: HTV). The company is offering $4.00 per share in cash, which Hearst says represents a 91 percent premium over the Hearst-Argyle's closing price on Tuesday. Just after Hearst's announcement, Hearst-Argyle was up about 1.9 percent to $2.13. Trading was halted shortly afterward, Marketwatch reported.
Hearst currently owns about 67 percent of the Hearst-Argyle's outstanding shares of Series A common stock and 100 percent of its Series B common stock. That represents 82 percent of both the outstanding equity and general voting power of Hearst-Argyle. Release
By David Kaplan