Argyle Television announces it is exploring strategic alternatives.SAN ANTONIO--(BUSINESS WIRE)--Aug. 12, 1996--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) on Monday announced that it is exploring strategic alternatives for the company, including a possible sale. "Since its inception at the beginning of 1995, Argyle has built a successful television station group by making acquisitions and then bringing more effective management, more competitive local strategies and better technology to reposition these stations for future growth," said Bob Marbut, chairman and chief executive officer. "However, because of the rapid consolidation currently under way in the broadcast industry, there is a competitive imperative for the Argyle stations to become part of a larger group. That's because it would be difficult under current conditions for Argyle to get big enough fast enough to become an industry consolidator through the traditional acquisition process that had been followed in the past. "For these reasons, Argyle's board of directors has determined that it is in the best interest of the company and its stockholders to explore how to achieve the benefits of consolidation for the Argyle station group through a strategic alliance, possible sale of the company or another alternative," he said. Today, Argyle Television owns and operates network-affiliated television stations WZZM-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 Grand Rapids Grand Rapids, city (1990 pop. 189,126), seat of Kent co., SW central Mich., on the Grand River; inc. 1850. The second largest city in the state, it is a distribution, wholesale, and industrial center for an area that yields fruit, dairy products, farm produce, , Mich.; WGRZ-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 Buffalo, N.Y.; WNAC-TV, the Fox affiliate in Providence Providence, city (1990 pop. 160,728), state capital and seat of Providence co., NE R.I., a port at the head of Providence Bay; founded by Roger Williams 1636, inc. as a city 1832. , R.I.; KITV-TV, the ABC affiliate in Honolulu; WAPT-TV, the ABC affiliate in Jackson, Miss.; and KHBS, the ABC affiliate in Fort Smith, Ark., and its satellite, KHOG, the ABC affiliate in Fayetteville, Ark. Argyle's Series A Common Stock trades on the NASDAQ National Market System under the symbol "ARGL." CONTACT: Argyle Television Inc., San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. Bob Marbut, 210/828-1700 |
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