Gobbling up Hearst-Argyle shares


Hearst Corporation continues to increase its stake in Hearst-Argyle Television, despite having been rebuffed in a bid to take the TV group private at $23.50 per share. According to its latest SEC filing, Hearst Corporation has been in the market just about every day buying Hearst-Argyle shares. From April 14th through May 5th Hearst Corporation’s Hearst Broadcasting subsidiary bought 501,000 shares of Hearst-Argyle for a total of $10,320,855.04. Prices for the share buys ranged from $19.77 to $21.31. In all, Hearst Corporation owns 74,360,857 shares of Hearst-Argyle, or 78.4% of all shares outstanding.