Hearst-Argyle Television Completes Acquisition of WKCF-TV, Serving Orlando-Daytona-Melbourne

Hearst-Argyle Television Completes Acquisition of WKCF-TV, Serving Orlando-Daytona-Melbourne

NEW YORK, Aug. 31 /PRNewswire-FirstCall/ -- Hearst-Argyle Television, Inc. (NYSE:HTV) has completed its acquisition of the assets of WKCF-TV in Orlando, Florida, from Emmis Communications for $217.5 million in cash. The acquisition adds a television duopoly in the Orlando/Daytona/Melbourne television market, the nation's 19th largest, where Hearst-Argyle also owns WESH-TV, the market's NBC affiliate. WKCF, formerly affiliated with The WB Network, becomes a CW Network affiliate next month. It will be operated from the WESH facility.

The transaction was funded with cash on hand and an advance under the Company's unused $250 million credit facility.

With the WKCF acquisition, Hearst-Argyle now has duopolies in five of its seven largest markets: Boston, Sacramento, Kansas City, MO; Orlando and Baltimore, where the company has a radio/television combination.

"We are pleased to conclude our acquisition of WKCF and we welcome the staff of WKCF to the Hearst-Argyle family of stations," said David Barrett, Hearst-Argyle President and CEO. "The combination of WESH with WKCF will enhance the local television service of each station and enable us to better serve the interests and needs of our audiences, advertisers and the entire Orlando community. WKCF will benefit from WESH's extensive newsgathering resources and, together, our stations will provide viewers of all ages with the very best in entertainment, news and information programming, and community service.

"As our industry moves forward into the new era of digital television, video multicasting and web-based video services, the duopoly at WESH and WKCF will be extraordinarily well positioned to compete in one of America's most dynamic markets. The formation of this powerful TV duopoly is an important strategic step for our company," Barrett added.

About Hearst-Argyle

Hearst-Argyle Television, Inc. owns 26 television stations, and manages an additional three television and two radio stations, in geographically diverse U.S. markets. The Company's television stations reach approximately 18% of U.S. TV households, making it one of America's largest television station groups. Hearst-Argyle owns 12 ABC-affiliated stations, and manages an additional ABC station owned by Hearst Corporation, and is the largest ABC affiliate group. The Company also owns 10 NBC affiliates, and is the second-largest NBC affiliate owner, and owns two CBS affiliates.

Hearst-Argyle also is a leader in the convergence of local broadcast television and the Internet through its partnership with Internet Broadcasting, and in the application of digital broadcast spectrum for new local informational services through its Weather Plus partnership with NBC and various NBC affiliate groups.

Hearst-Argyle is majority owned by Hearst Corporation. Hearst-Argyle Series A Common Stock trades on the New York Stock Exchange under the symbol "HTV." HTV debt is rated investment grade by Moody's (Baa3), Standard & Poor's (BBB-) and Fitch (BBB-), each with a stable outlook. The company's Web address is www.hearstargyle.com.

Source: Hearst-Argyle Television, Inc.

CONTACT: Thomas W. Campo of Hearst-Argyle Television, +1-212-887-6827,
tcampo@hearst.com

Web site: http://www.hearstargyle.com/

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