Hearst-Argyle Television announced that the Special Committee of its board of directors has retained Morgan Stanley as its financial advisor to assist them in their review of the proposed tender offer announced by Hearst Corporation. Simpson Thacher & Bartlett LLP has been engaged to provide legal advice to the Special Committee. Hearst Corporation, which already owns a majority of Hearst-Argyle, has offered 600 million to buy out the public shareholders, but the stock has been trading above the 23.50 per share offer in anticipation of Hearst being forced to go higher.
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