Hearst ends offer to buy rest of Hearst-Argyle TV
NEW YORK (Reuters) - Broadcaster and publisher Hearst Corp said on Friday was ending its $600 million bid to buy the rest of Hearst-Argyle Television after its tender offer expired.
Hearst said it was returning shares it received from investors after the tender period expired and conditions for the offer were not met.
The company declined to provide details beyond its press release. A Hearst-Argyle spokesman was not immediately available for comment.
Privately held Hearst Corp holds 73 percent of the outstanding equity and general voting power of Hearst-Argyle Television. The company said in August it wanted to buy the rest of the company for $23.50 a share.
Hearst-Argyle in September urged shareholders to reject the bid, saying it was "inadequate and not in the best interests of Hearst-Argyle Television stockholders."
Hearst-Argyle owns or manages nearly 30 local TV stations in the United States in cities such as Sacramento, California; New Orleans; Baltimore, Maryland; and Boston.
Hearst Corp publishes newspapers such as the San Francisco Chronicle and the San Antonio Express. It also runs a magazine empire that includes Cosmopolitan; Esquire; O, the Oprah Magazine; and Town & Country.
(Reporting by Robert MacMillan)
