Hearst Argyle Television Inc. (NYSE:HTV)
Industry: Services
Hearst-Argyle Television, Inc., incorporated in 1994, is an independent, or non-network-owned, television station groups. The Company owns or manages 28 television stations reaching approximately 18.2% of television households in the United States. The Company owns two CBS-affiliated television stations and one WB station, and it also manages one UPN station and one independent station for The Hearst Corporation (Hearst). In addition, the Company operates Internet sites at each of its stations, which provide supplemental news, weather, information and entertainment content. The Company participates in the joint venture that launched the NBC Weather Plus Network, the all digital, local and national broadcast network, which it broadcasts in eight of its NBC markets on a multicast stream with its main digital channel. The Company also manages two radio stations, which are owned by Hearst. The Company provides, through its local television stations, free over-the-air programming to its communities' television viewing audiences. Its programming includes three main components: programs produced by networks with which the Company is affiliated, such as ABC's Grey's Anatomy, NBC's Law and Order and CBS' CSI: Crime Scene Investigation, and special event programs like The Academy Awards, the Olympics and the Superbowl; programs that the Company produces at its stations, such as local news, weather, sports and entertainment, and first-run syndicated programs that it acquires, such as The Oprah Winfrey Show and Dr. Phil. Hearst-Argyle Television has a strategic equity investment in Internet Broadcasting Systems, Inc. (Internet Broadcasting). Each of the Company's stations has a corresponding Internet site produced and managed by Internet Broadcasting, which provides supplemental news, weather, information and entertainment content, and technology infrastructure. In addition, during 2005, the Company made strategic equity investments in Ripe Digital Entertainment, Inc. (Ripe TV), an advertising-supported free digital video-on-demand program service, and U.S. Digital Television, LLC (USDTV), a national digital television programming distribution service using portions of the digital television spectrum. The Stations The Company owns 25 television stations and manages three television stations (WMOR-TV in Tampa, Florida, WPBF-TV in West Palm Beach, Florida, and KCWE-TV in Kansas City, Missouri) and two radio stations (WBAL-AM and WIYY-FM in Baltimore, Maryland), all of which, except KCWE-TV, are owned by Hearst. On August 9, 2005, Hearst entered into an agreement to purchase KCWE-TV, an application requesting consent to the assignment of KCWE's license to Hearst is pending with the Federal Communications Commission (the FCC). Network Affiliations Twenty-seven of the Company's 28 owned or managed television stations are affiliated with one of the following networks pursuant to a network affiliation agreement: ABC (13 stations), NBC (10 stations), CBS (two stations), UPN (one station) and WB (one station). WMOR-TV in Tampa, Florida, operates as an independent station. Each affiliation agreement provides the affiliated station with the right to broadcast all programs transmitted by the applicable network. In return, the network has the right to sell a significant portion of the advertising time during those broadcasts. The Company's two radio stations also have an affiliation agreement with a network that provides certain content (such as news and sports) for the stations. Digital Media Initiatives The Company in the media industry has partnered with Internet Broadcasting to build a nation-wide network of local Internet sites. The Internet Broadcasting network, which covers 57 markets and reaches 64% of the United States households. As part of this network the Company has Internet sites for each of its stations which are produced and managed by Internet Broadcasting on their technology platform, and which provide news, weather, entertainment and other information that complement its stations' programming. The C
As Of: 10/07 00:00 ET
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