Friday, September 7, 2007

Hearst sued in bid to take TV unit private

Hearst Corp., owner of the Chronicle, is facing opposition in its attempt to take its TV division private. Hearst-Argyle Television is a publicly held company that owns 29 stations including Sacramento's KCRA 3 (helicopter pictured above). Hearst holds a majority of its stock and wants to buy the outstanding shares from the public for $23.50 a share, about $2 less than its current price. MediaDailyNews reports that one suit was filed by an individual shareholder and another by the Sheet Metal Workers Pension Plan of Northern California. Other cases may be in the works. The suits seek a higher price from Hearst and class action status.

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