Hearst to Buy Argyle Television

Hearst Corp. will buy Argyle Television Inc. and combine it with six Hearst TV stations to form a 12-station company, the companies said Wednesday.

Argyle shareholders would receive $159.7 million in cash and about 6 million shares--or 14%--of the new company, Hearst-Argyle Television Inc.

Privately held Hearst, which also has interests in newspapers, magazines and books, said the deal will allow it to expand its television operations through public markets.

Hearst stations in Boston, Pittsburgh, Baltimore, Milwaukee, Kansas City, Mo., and Dayton, Ohio, will be part of the new company. Argyle has stations in Cincinnati; Oklahoma City; Providence, R.I.; Honolulu; Jackson, Miss.; and Fort Smith/Fayetteville, Ark.

Bob Marbut, chairman and chief executive of San Antonio-based Argyle, would serve as chairman and co-CEO of the combined company. John G. Conomikes would be president and co-CEO.