Updated at 3:43 p.m., Friday, December 7, 2007
Shares of KITV owner rise on Hearst plans
Advertiser Staff
Shares of Hearst-Argyle Television Inc., the operator of 29 TV stations including KITV in Honolulu, rose 6.8 percent following Hearst Corp.'s announcement that it will increase its stake to as much as 82 percent.Hearst-Argyle shares rose $1.36 to $21.20.
Bloomberg News reported Hearst currently owns a 74 percent stake in the television chain. Earlier this year Hearst abandoned a plan to buy out minority shareholders after a special committee recommended Hearst-Argyle shareholders reject Hearst's offer of $23.50 a share.
