Like the Energizer Bunny, Hearst Corporation just keeps going and going when it comes to buying Hearst-Argyle Television stock. Its stake is now up to 75.8%.
In an update filed with the SEC, Hearst Broadcasting Inc., a wholly owned subsidiary of Hearst Corporation, included page after page of Hearst-Argyle stock purchases made on the open market from February 6th through March 10th, in blocks ranging from two shares for $43.78 to 15,200 shares for $333,640.00. In all, it bought 506,804 shares for a total of $11,085,419.03. As of March 10th, Hearst Broadcasting owned 71,865,487 shares of Hearst-Argyle.
After begin rebuffed in a bid to buy out all public shareholders of Hearst-Argyle for $23.50 per share, Hearst Corporation’s directors voted in December to authorize the purchase of up to eight million shares to up its Hearst-Argyle stake to 82% (12/10/07 TVBR #239).
Hearst Broadcasting owns directly the two radio stations managed by Hearst-Argyle and one TV station managed by Hearst Argyle. Hearst-Argyle itself owns 26 television stations and LMAs two others besides the one owned by Hearst Broadcasting.