Sinclair to Acquire Fisher Group, Seattle Radio Trio

RADIO ONLINE | Thursday, April 11, 2013 | 3:10pm CT

Sinclair Broadcast Group has agreed to acquire Fisher Communications for a reported $361 million in a move to expand its western holdings. Seattle-based Fisher owns 20 TV outlets in eight markets along with three radio stations, including all News KOMO-AM, Hot AC KPLZ-FM and Talk KVI-AM in Seattle. The deal values Fisher at $41 per share, a premium of 5 percent over its closing price on Wednesday.

Under the terms of the agreement, Fisher shareholders will receive $41 in cash for each share of Fisher common stock they own. Sinclair expects to finance the acquisition through cash on hand and debt.

Fisher had announced in January that it was exploring strategic alternatives. Sinclair says it owns or has deals to acquire interests in 134 television stations in 69 markets.

"We are excited to acquire Fisher and expand our coverage westward, especially in the two key markets of Seattle and Portland," commented Sinclair President/CEO David Smith. "Started in 1910, Fisher's history of operating television and radio stations in the northwest corner of the U.S. has played an important role in its communities and in producing high-quality local news. We look forward to expanding upon those traditions and improving the cash flow of the stations through the benefits that come with our scale."