Proposed Price of $23.50 in Cash per Share for 27% Public Stake
NEW YORK, NY -- (MARKET WIRE) -- 08/24/07 -- 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/CDocs/200708/360917_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:
Paul J. Luthringer
Hearst Corporation
212-649-2540
pluthringer@hearst.com