Business News

Hearst Corporation to Increase Per Share Offer Price Payable in its Offer to Acquire Remaining Public Stake in Hearst-Argyle Television

Tuesday 28. April 2009 - Offer Price to be Increased From $4.00 to $4.50 in Cash per Share

Hearst Corporation announced today that it has increased the price per share that it will offer to pay for all of the outstanding shares of Series A Common Stock of Hearst-Argyle Television, Inc. (NYSE:HTV) not already owned by Hearst from $4.00 to $4.50 in cash per share. The increased offer price represents a 12.5% increase over the original proposed offer price of $4.00 per share, a premium of approximately 115% over the closing price of the shares on March 24, 2009, the last full trading day prior to the first public announcement of Hearst’s proposed offer, and a premium of approximately 154% above the average closing price of the shares for the 20 trading days immediately preceding March 24.

Hearst’s decision to increase the offer price follows discussions between Hearst and the special committee of independent members of the Board of Directors of Hearst-Argyle appointed to review Hearst’s offer. Based on those discussions, Hearst expects that the special committee will recommend that the stockholders of Hearst-Argyle accept the tender offer and tender their shares pursuant to the tender offer.

Hearst expects to commence the tender offer within the next several days.

Lazard is acting as financial advisor to Hearst in connection with the offer.