UPDATE 1-Hearst-Argyle sees weak ad spend in 2009, suspends div

* Q4 loss $5.90/shr, including charges

* Q4 revenue falls 9 pct

* Shares fall 12 percent

* Says curtails capital spending and suspends dividend

Feb 25 (Reuters) - TV and radio stations owner Hearst-Argyle Television Inc (HTV.N) warned that it sees advertising spending falling further in 2009 and suspended its dividend to conserve cash amid the ailing economy, sending its shares down 12 percent to an all-time low.

Revenue at the company, which is majority owned by broadcaster and publisher Hearst Corp, fell 9 percent to $197.1 million for the fourth quarter. It also posted a loss for the period due to an impairment charge.

Political revenue rose by $32.5 million to $51.2 million, but a fall in its recession-sensitive categories like automotive, retail and telecommunications hurt revenue in the quarter, the company said.

Fourth-quarter net loss was $552.1 million, including the non-cash impairment charge of $570 million, or about $6.09 per share. [ID:nWNAB6761]

The company, which competes with Sinclair Broadcast Group Inc (SBGI.O) and Cox Radio Inc's (CXR.N) parent Cox Enterprises Inc, had reported a net income of $33.6 million, or 36 cents per share, a year earlier.

Shares of New York-based Hearst-Argyle fell to a low of $1.59, a level not seen since the company's stock was listed on the New York Stock Exchange in 1998. But they pared some losses to trade down 15 cents at $1.65 Wednesday morning. (Reporting by Shrutika Verma in Bangalore; Editing by Deepak Kannan)