Hearst Moves On Merger

Hearst has informed Hearst-Argyle Television that it is moving ahead with a merger in which Hearst-Argyle will become a wholly-owned subsidiary of Hearst and change its name to Hearst Television Inc. In the merger, all shares held by the remaining public shareholders of Hearst-Argyle will be cancelled and, subject to the shareholders' rights to exercise statutory appraisal rights, converted into the right to receive $4.50 per share in cash, without interest. Hearst plans to complete the merger within the next several business days, it says, at which point Hearst-Argyle's shares will no longer be traded on the New York Stock Exchange.