An investigation on behalf of current investors in Hearst-Argyle Television, Inc (NYSE: HTV) concerning the legal ramifications of the proposed acquisition of Hearst-Argyle Television, Inc. (NYSE:HTV) by the Hearst Corporation was announced.

Hearst Corporation has offered Hearst-Argyle Television, Inc shareholders (NYSE: HTV) $4.00 a share for their stock. Hearst Corporation then plans to acquire remaining shares through a short-form merger. In 2007, Hearst Corporation failed in a $600 million bid to buy 27% of Hearst-Argyle Television, Inc it did not already own. According to the investigation by a law firm the offers do not appear to be fair to Hearst-Argyle Television, Inc shareholders given that Hearst-Argyle Television, Incs stock (NYSE: HTV) was trading at over $23.00 a share in September 2008 and, as recently as January 2009, the stock traded at $6.50 -- $2.50 a share more than the current Hearst Corporation offer. Hearst-Argyle Television, Inc. is an independent, or non-network-owned, television station group. The New York based company had $720Million revenue in 2008.