Hearst-Argyle To Sell Share Of Arizona Diamondbacks


"The operator of 29 stations expects to receive $2.25 million from the divestiture, according to a recent government filing. It is unclear who the prospective buyer is, and a company representative declined comment... A year ago, Forbes estimated the Diamondbacks' worth at $379 million which would have valued Hearst-Argyle's stake at $6.4 million... Hearst-Argyle's 1.7% stake in the Diamondbacks was acquired as part of its 1999 purchase of nine TV stations and a small group of radio outlets from Pulitzer Publishing Corp. The share in the National League team was intermingled, since three of the radio stations were in Phoenix and one broadcast the team's games." If the math here is right, and 1.7% is worth $2.25m, then the entire team is now only worth about $132 million... Jeff Moorad is in for a nasty shock.