Hearst-Argyle Forms Committee to Evaluate Offer

NEW YORK: Hearst-Argyle Television has formed a special committee of independent members from its board of directors to evaluate the offer from Hearst Corporation to take full control of the company.

Hearst Corporation said Wednesday that it plans to commence a cash tender offer for all outstanding Hearst-Argyle Television shares it does not already own. Hearst-Argyle said it would advise stockholders of its position with ten days of Hearst commending the cash offer. The committee will include two Series A directors of Hearst-Argyle Television, Inc.: David Pulver, who has been a director of Hearst-Argyle Television and a predecessor company, Argyle Television, since 1994, and who is president of Cornerstone Capital; and Caroline L. Williams, a director of Hearst-Argyle Television and of Argyle Television since 1994, who is president of Grey Seal Capital.