Reported by Star-Bulletin staff & wire
Monday, August 12, 1996
San Antonio-based Argyle today said that with the consolidation in the broadcast industry, the company will have to become part of a larger group. The company noted that it would be difficult to remain competitive at its current expansion rate.
Argyle owns and operates seven network-affiliated television stations nationwide, including KITV, the local ABC network affiliate. The company purchased KITV in February 1995 from Tak Communications for $51 million.
Kamehameha Schools/Bishop Estate joined with Royal Hawaiian Shopping Center Inc., its for-profit subsidiary, to make a deal for Farmington, Conn.-based Bigler Investment Management Co.
Details of the deal are being kept private, said Glenn Hara, vice president of finance for Royal Hawaiian.
Bishop Estate is a nonprofit trust set up by Princess Bernice Pauahi to help educate native Hawaiians. Its holdings are estimated at $10 billion.