Hearst gobbling up more Hearst-Argyle shares

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Hearst Corporation may have failed in its bid to buy out all other shareholders of Hearst-Argyle Television at 23.50 per share, so it’s back to buying the company bit by bit. The directors of Hearst Corporation have now authorized the purchase of up to eight million shares in open-market and privately-negotiated purchases. If the entire purchase authorization is completed, Hearst Corporation would raise its stake in Hearst-Argyle from the current 74% to about 82%.