SOURCE: Hearst

April 25, 2007 13:30 ET

Statement on Hearst Corporation/MediaNews Group Settlement

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 ( 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.

Contact Information

  • Contact:
    Paul Luthringer
    Hearst Corporation
    Email Contact