Pulitzer Publishing Co. is selling its nine television and five radio stations to Hearst-Argyle Television Inc. for $1.15 billion in stock.
The sale, announced Monday night, will create a group of 24 television stations and seven radio stations, expanding Hearst-Argyle's coverage to about 16.5 percent of U.S. television households.Pulitzer said it will spin off its newspaper and new media business to its shareholders into a new company called Pulitzer Inc.
Pulitzer owns the St. Louis Post-Dispatch and The Arizona Daily Star in Tucson, along with 13 smaller dailies primarily in the West and Midwest.