Hearst Corporation Proposes to Acquire Public Minority Stake in Hearst-Argyle Television

NEW YORK, NY--(Marketwire - August 24, 2007) - Hearst Corporation announced today that it intends to make a tender offer for all of the outstanding shares of Hearst-Argyle Television, Inc. Series A Common Stock (NYSE: HTV) not owned by Hearst Corporation for $23.50 per share in cash. The offer price represents a premium of approximately 15% over the closing price of the Series A Common Stock on August 23, 2007, as well as the average closing price for the last four weeks. The transaction will be implemented through a cash tender offer made for the publicly held Hearst-Argyle Television shares, followed by a cash merger at the same per share price paid in the tender offer.

Hearst Corporation currently owns approximately 52% of the outstanding Series A Common Stock and 100% of the Series B Common Stock, representing in the aggregate approximately 73% of both the outstanding equity and general voting power of Hearst-Argyle Television. The aggregate consideration payable under the proposal for the public stake is approximately $600 million. Following the transaction, Hearst-Argyle Television would become a wholly owned subsidiary of Hearst Corporation.

ABOUT THE TENDER OFFER

The offer will be irrevocably conditioned upon the tender of a majority of the outstanding shares of Series A Common Stock not held by Hearst Corporation and certain related persons. Unless waived, the offer will also be conditioned upon, among other things, Hearst Corporation owning at least 90% of the outstanding Hearst-Argyle Television shares as a result of the offer or otherwise. In addition, assuming the offer is completed and Hearst Corporation owns at least 90% of the outstanding shares, it will promptly complete a "short-form" merger to acquire the remaining shares at the same price paid in the offer. The offer will not be conditioned on Hearst Corporation obtaining any financing.

Hearst Corporation expects to commence the tender offer in early September 2007. Offering materials will be mailed to Hearst-Argyle Television stockholders and Hearst Corporation will file all necessary information with the United States Securities and Exchange Commission. The commencement and completion of the tender offer and, if the tender offer is completed, the consummation of the merger, do not require any approval by Hearst-Argyle Television's board of directors and Hearst Corporation has not asked Hearst-Argyle Television's board of directors to approve the tender offer or the merger. Under applicable law, Hearst-Argyle Television is required to file with the SEC a statement as to its position on the offer as well as other required information within 10 business days of the date on which the offer is commenced.

A copy of the letter Hearst Corporation sent to Hearst-Argyle Television's board of directors is attached here: http://media.marketwire.com/attachments/200708/360920_LettertoHTVBoardofDirectors.pdf

Lazard Freres & Co. LLC is acting as financial advisor to Hearst Corporation in connection with the offer.

ABOUT HEARST CORPORATION

Hearst Corporation's (www.hearst.com) major interests include 12 daily and 31 weekly newspapers, including the Houston Chronicle, San Francisco Chronicle, and Albany Times Union; nearly 200 magazines around the world, including Cosmopolitan and O, The Oprah Magazine; 29 television stations through Hearst-Argyle Television which reach a combined 18% of U.S. viewers; ownership in leading cable networks, including Lifetime, A&E, The History Channel and ESPN; as well as business publishing, including a joint venture interest in Fitch Ratings; Internet businesses, television production, newspaper features distribution and real estate.

NOTICE FOR HEARST-ARGYLE TELEVISION STOCKHOLDERS

Hearst-Argyle Television stockholders and other interested parties are urged to read Hearst Corporation's tender offer statement and other relevant documents filed with the SEC when they become available because they will contain important information. Hearst-Argyle Television stockholders will be able to receive such documents free of charge at the SEC's Web site, www.sec.gov, or from Hearst Corporation's Web site, www.hearst.com.

FORWARD-LOOKING STATEMENTS WARNING

This news release contains forward-looking statements. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. The statements are based upon Hearst Corporation's current expectations and beliefs and are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those described in the forward looking statements. There can be no assurances that any transaction will be consummated. Actual results could differ materially from what is expressed or forecasted in this news release. Some of the relevant risk factors are discussed in Hearst-Argyle Television's Annual Reports on Form 10-K and other reports that have been filed by Hearst-Argyle Television with the SEC. Hearst Corporation disclaims any obligation to update or revise the information in this news release based on new information or otherwise.

Contact Information: Contact: Paul J. Luthringer Hearst Corporation 212-649-2540