Argyle Television Sets Date for Stockholders' Meeting to Consider Hearst Transaction.SAN ANTONIO--(BUSINESS WIRE)--Aug. 5, 1997--Argyle Television Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ARGL) has set Thursday, Aug. 28, 1997, for a meeting of its stockholders to consider the combination of the television broadcasting division of The Hearst Corporation The Hearst Corporation is a privately-held American-based media conglomerate based in the Hearst Tower in New York City, USA. Founded by William Randolph Hearst as an owner of newspapers, the company's holdings now include a wide variety of media. with and into Argyle, with Argyle to be renamed "Hearst-Argyle Television Hearst-Argyle Television, Inc., is a broadcasting company in the United States. Hearst-Argyle is majority-owned by the New York City-based Hearst Corporation, and holds joint ventures in television production with NBC Universal Television Distribution, has an Internet partnership Inc." If approved at the stockholders' meeting, the transaction with Hearst is expected to close on Aug. 29, 1997. Certain Argyle stockholders representing an aggregate of approximately 67 percent of the outstanding shares of Argyle common stock have agreed to vote in favor of the transaction. Argyle also announced that The Hearst Corporation has completed its acquisition of WPBF-TV, the ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. affiliate in West Palm Beach, Fla. Following closing of the Hearst transaction, Hearst-Argyle will provide management services for WPBF WPBF West Palm Beach, Florida . Today, Argyle Television owns and operates network affiliated television stations WLWT-TV, the NBC NBC in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. affiliate in Cincinnati; KOCO-TV, the ABC affiliate in Oklahoma City Oklahoma City (1990 pop. 444,719), state capital, and seat of Oklahoma co., central Okla., on the North Canadian River; inc. 1890. The state's largest city, it is an important livestock market, a wholesale, distribution, industrial, and financial center, and a farm ; WNAC-TV, the Fox affiliate in Providence, R.I.; KITV-TV, the ABC affiliate in Honolulu; WAPT-TV, the ABC affiliate in Jackson, Miss.; and KHBS-TV, the ABC affiliate in Fort Smith, Ark., and its satellite KHOG-TV, the ABC affiliate in Fayetteville, Ark. Following completion of the Hearst transaction, Argyle (which will be renamed "Hearst-Argyle Television Inc."), will also own WCVB-TV, the ABC affiliate in Boston; WTAE-TV, the ABC affiliate in Pittsburgh; WBAL-TV, the NBC affiliate in Baltimore; KMBC-TV, the ABC affiliate in Kansas City, Mo.; WISN-TV, the ABC affiliate in Milwaukee; and WDTN-TV, the ABC affiliate in Dayton, Ohio; as well as Hearst Broadcast Productions. Hearst-Argyle will also provide management services for WWWB, the WB affiliate in Tampa, Fla.; WPBF-TV, the ABC affiliate in West Palm Beach, Fla.; KCWB-TV, the WB affiliate in Kansas City, Mo.; and two radio stations (WBAL-AM and WIYY-FM, Baltimore) -- these managed stations (other than KCWB-TV) will continue to be owned by The Hearst Corporation. Argyle Series A Common Stock trades on the Nasdaq National Market System under the symbol "ARGL." CONTACT: Argyle Television Inc., San Antonio Bob Marbut, 210/828-1700 |
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