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Hearst-Argyle is taking its TV stations private


August 27, 2007 Shares of Hearst-Argyle Television Inc. jumped 23.3% after controlling shareholder and media firm Hearst Corp. said it will take the TV station group private for about $600 million in cash in the latest buyout deal in the media and entertainment industry. The privately held owner of newspaper, magazine and TV assets cited the changing media landscape as a key reason behind the move. Hearst-Argyle shares closed at $25.22, giving the company a $2.4 billion market capitalization, according to Yahoo Finance.

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