Contact Information: Contact: Paul Luthringer Hearst Corporation 212-649-2540 Email Contact
Statement on Hearst Corporation/MediaNews Group Settlement
| Source: Hearst
NEW YORK, NY -- (MARKET WIRE) -- April 25, 2007 -- Hearst Corporation today announced a
settlement of all issues raised in the lawsuit brought by Clinton Reilly
relating to Hearst's investment in the non-Bay Area business of MediaNews
Group.
As part of the settlement, Hearst and MediaNews Group agreed to make
certain changes to the terms of the transaction. Hearst and MediaNews Group
had already decided to make most of these changes during the course of the
Hart-Scott-Rodino review by the Department of Justice. The changes have no
material effect on Hearst's investment in the non-Bay Area assets of
MediaNews Group.
While the Department of Justice continues to review the transaction, Hearst
is optimistic that its investment in MediaNews Group will be allowed to
proceed.
Hearst Corporation (www.hearst.com) is one of the nation's largest
diversified media companies. Its 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 (NYSE : HTV ) 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.