Net Worth:
$1.7 billion +6%
Last Year:
$1.6 billion
Age:
62
Residence:
Beverly Hills
Source of Wealth:
Newspaper publishing
Net Worth:
$1.7 billion +6%
Last Year:
$1.6 billion
Age:
80
Residence:
Los Angeles
Source of Wealth:
Newspaper publishing
The Money:
Grandchildren of legendary publishing tycoon William Randolph Hearst share in inherited trusts. Those are fed by the ongoing operations of privately held Hearst Corp. and its controlling stake in the public Hearst-Argyle Television Inc. Despite tough times in the newspaper business and at flagship San Francisco Chronicle, Hearst Corp.’s 20 percent interest in Disney Co.’s growing ESPN franchise continues to pay off, as well as stakes in Lifetime Television, A & E; Network and the Fitch Group, parent of the business credit ratings service.
Buzz:
George is chairman at Hearst-Argyle, where two Hearst Corp. subsidiaries have 74 percent of voting power through common and preferred shares. Earlier this month easily fended off a shareholder resolution at the annual meeting to put the company on the market, as has happened with Tribune Co. and Knight-Ridder. While Hearst-Argyle shares are up 17 percent from a year ago, a big shareholder argued that since 1997 merger the combined company’s shares have significantly underperformed the S & P; 500. Over at Hearst Corp., revenues were up 13 percent in fiscal 2005 to $4.55 billion, the most recent figure available. George also a trustee of the Hearst Family Trust, president of The Hearst Foundation Inc. and a director of the William Randolph Hearst Foundation. Local grant recipients last year included Autry National Center for the American West and California Institute of the Arts. David leads a lower-profile life as a private real estate investor and president of a small charitable trust that bears his name. Both men are regular contributors to Republican Party groups. George spends much of his time at his Paso Robles ranch near his grandfather’s famed Sam Simeon estate, part of which is now a state park.
