Steven A. Hobbs Joins Hearst Corporation From Hearst-Argyle Television, Inc.

Hobbs Elected VP of Hearst Corporation, EVP & Deputy Group Head, Hearst Business Media Division and Special Assistant to Hearst CEO

NEW YORK, – Hearst Corporation today announced that Steven A. Hobbs, executive vice president, chief legal and development officer of Hearst-Argyle Television, Inc. since 2005, has been elected vice president of Hearst Corporation and executive vice president & deputy group head of the Hearst Business Media Division. He joins Hearst Corporation today.

Hearst Business Media has shown substantial growth in the past 10 years, particularly in health care and the financial sector, under the direction of Richard P. Malloch, president of the Division. Recent key investment acquisitions include a 20% interest in Fitch Group, a leading global rating agency, in 2006, and Zynx Health, the leading provider of evidence-based clinical decision support, in 2005.

Commenting on the announcement, Hearst Corporation President & CEO Victor F. Ganzi said: “Steve knows Hearst and is well versed with our media properties, having advised on numerous acquisitions and transactions, since the early 1990s. His legal and strategic perspectives will help Hearst Business Media to continue its impressive growth in the future. Rich and I welcome Steve to Hearst Corporation.”

“I’m pleased that Steve is joining Hearst Business Media and look forward to forging a close partnership,” said Malloch. “Steve’s development and deal-making experience will be a real asset to our operation.”

As part of his duties, Hobbs will dedicate a substantial majority of his time to the Hearst Business Media Division, with particular emphasis on acquisitions, expansion of existing businesses, and international growth. Hobbs will also continue to oversee Hearst-Argyle Television’s retransmission-consent negotiations with program distributors as well as work on special projects for Ganzi.

Hobbs joined Hearst-Argyle Television, Inc. in January 2004 in the newly created position of senior vice president, chief legal and development officer. He was promoted to executive vice president in December 2005.

Before joining Hearst-Argyle, Hobbs was a partner in the law firm of Clifford Chance US LLP, from January 1993 to January 2004, specializing in securities and mergers and acquisitions, including many transactions for Hearst and its affiliates. During this period, he held various management positions at that firm, most recently as Americas Mergers & Acquisitions Practice Group Leader and member of the Americas Management Group from September 1999 through February 2003.

Hearst Corporation (www.hearst.com) is one of the nation’s largest diversified media companies. Its major interests include ownership of 15 daily and 31 weekly newspapers, including the Houston Chronicle, San Francisco Chronicle and Albany Times Union; as well as interests in an additional 44 daily and 38 non-daily newspapers owned by MediaNews Group, which include the Denver Post and Salt Lake Tribune; 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.

Hearst Business Media (www.hearst.com/business_media/), a division of Hearst Corporation, operates more than 20 business-to-business information services, electronic databases and publications. The group has holdings in the automotive, electronic, medical/pharmaceutical and finance industries.