Hearst-Argyle Television

Jul 16, 2001  •  Post A Comment

(Symbol: HTV)
* Hearst Corp., one of the largest publishers, owns 66 percent, 60.5 million shares.
* Public owns 15 percent, 13.8 million shares
* Pulitzer insiders own 17.5 percent, 16 million shares
* Hearst-Argyle insiders own 1.5 percent, 1.4 million shares
Television stations
* Owns or manages 28 network-affiliated television stations reaching 17.5 percent of U.S. TV homes.

* Has the largest group of ABC TV affiliates (12 stations comprising 8 percent of the network’s carriage) outside of ABC’s owned TV stations. It has 11 NBC affiliates, two CBS affiliates, one WB affiliate, one UPN affiliate and one independent station.

* Has duopolies in Sacramento, Calif., and the Boston area and a local marketing agreement in Kansas City, Mo.
2000 results
Broadcast cash flow: $374.3M
Revenues: $747.2M revenues
Analyst estimate for 2001
(Victor Miller, Bear Stearns)
Broadcast cash flow: $287M, down 23.5 percent
Revenues: $676.2M, down 13 percent
2001 first quarter results
Broadcast cash flow: $54.4M, down 26 percent
Revenues: $148.3M, down 12.7 percent
After tax cash flow: $26.4M, down 27 percent, or 29 cents per share
Fast stats
Debt: $1.44 billion
Market value: $1.98 billion
Target price: $25 a share
Current trading price: $20 a share