Sinclair Buys Fisher for $373.3 Million

Sinclair Broadcast Group and Fisher Communications have entered into a definitive merger agreement whereby Sinclair will acquire Fisher in a merger transaction valued at approximately $373.3 million.

Under the terms of the agreement, Fisher shareholders will receive $41 in cash for each share of Fisher common stock they own. The transaction represents a 44% premium to the closing price of Fisher common stock on Jan. 9, 2013, the final trading day prior to Fisher announcing a review of strategic alternatives. Fisher owns 20 television stations in eight markets, reaching 3.9% of U.S. TV households, and three radio stations in the Seattle market. Additionally, Fisher previously entered into an agreement to provide certain operating services for three TV stations, including two simulcasts, pending regulatory approval.