Hearst is back after shares of Hearst-Argyle Television, looking to scoop up the stock in the open market.
Hearst authorized subsidiary Hearst Broadcasting to purchase up to 8 million shares of series-A Hearst-Argyle Television stock through open market and privately negotiated transactions, according to a Securities and Exchange Commission filing.
The purchases will give Hearst Broadcasting an approximately 82% holding in Hearst-Argyle Television on a fully diluted basis, allowing Hearst to consolidate Hearst-Argyle Television for tax purposes.
In August, Hearst launched a tender offer for shares of Hearst-Argyle Television it didn’t already own at $23.50 per share. The offer met plenty of resistance and calls for a higher bid and, while analysts believed Hearst would at least extend the offer, the company did not capitulate and let the offer expire Oct. 12.