Hearst Looks to Take TV Stations Private

NEW YORK, August 27: Hearst Corporation is making an offer
to acquire the public minority stake in the Hearst-Argyle Television stations
group that it doesn’t already own for $23.50 per share.

The cash offer price represents a premium of approximately
15 percent over the closing price of the Series A common stock on August 23, as
well as the average closing price for the last four weeks. Following the
transaction, Hearst-Argyle Television would become a wholly owned subsidiary of
Hearst Corporation. Hearst Corporation expects to commence the tender offer in
early September.

Hearst-Argyle Television operates 29 television stations
reaching 18 percent of U.S. viewers.