Hearst to boost TV venture stake
Hearst Corp. said it would boost its investment in Hearst-Argyle Television Inc. to as much as 82%, less than two months after dropping a plan to buy out minority investors.
The purchase of as many as 8 million additional shares will allow Hearst Corp. to consolidate results of Hearst-Argyle for U.S. income tax, New York-based Hearst-Argyle said in a regulatory filing. As of Wednesday, Hearst Corp. owned a 74% stake.
Hearst is taking advantage of a decline in the share price to add to its stake in Hearst-Argyle, operator of 29 TV stations.
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