Hearst to buy the 80% of Hearst-Argyle's shares tendered in offer

By Lisa Kerner

Charlotte, N.C., June 3 - Hearst Corp. said it will purchase all of the shares validly tendered in its $4.50-per-share tender offer for Hearst-Argyle Television, Inc. that ended on Tuesday.

Approximately 13,763,289 shares, or 80%, of Hearst-Argyle series A common stock were tendered, including approximately 347,197 shares subject to guaranteed delivery, a Hearst news release said.

New York-based Hearst-Argyle, a network-affiliated television station owner/operator, will become a wholly owned subsidiary of Hearst and change its name to Hearst Television Inc.

Hearst is a diversified media company based in New York.

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