My selection of industri news

After weeks of rumours circulating regarding Hearst Corporation’s desire to buyout Argyle’s shares in the Hearst-Argyle broadcasting company, the board finally confirmed on Thursday, March 26, 2009, that a special committee has been formed to consider this possibility. To date Heart Corp. owns 67% of the corporation’s class A stock; they announced on Wednesday that they are willing to pay as much as $4 per share for the other 32% to ensure that the organization becomes a fully-owned subsidiary.
This is not the first time Hearst has attempted to buyout its partner as a similar failed move was done in 2007. The Hearst-Argyle stock went down by 2% in Thursday after the announcement was made. This trend will almost certainly continue until the uncertainty is resolved; unfortunately the biggest loser in this mix-up will be the stockholders.