Hearst-Argyle Television Inc. sold $108 million of stock in an offering Thursday, substantially less than the broadcaster originally planned.
Hearst-Argyle sold 4 million shares at $27 a share. It had planned to sell 6.7 million shares, so the reduction in the size of the offering cost the company at least $73 million.
Hearst-Argyle stock has traded as high as $32 in recent weeks, so the broadcaster may have been hoping to sell the stock at a higher price. Hearst closed down 81¢ to $27.06 Thursday.