Sinclair will buy Fisher Communications in a $373.3...
Sinclair will buy Fisher Communications in a $373.3 million merger agreement, Sinclair said Thursday. It said Fisher shareholders will receive $41 in cash for each share of Fisher common stock they own. The transaction represents a 44 percent premium above…
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the closing price of Fisher common stock on Jan. 9, the final trading day before Fisher announced that it was reviewing strategic alternatives. Fisher owns 20 TV stations in eight markets, and three radio stations in the Seattle market. Sinclair owns or is involved with the running of 139 TV stations. Wells Fargo analyst Marci Ryvicker called the sale a “positive catalyst for the sector and [Sinclair] in particular,” in an email to investors Thursday. The sale still needs to be approved by the FCC and receive an affirmative vote from two-thirds of Fisher’s outstanding shares to become final (http://bit.ly/14eXwTr).