A TV station operator with 13 full-power stations and seven low-power stations appears poised to be put up for sale. Reuters reports that Fisher Communications Inc. is exploring its strategic options — including a possible sale.
The company is under pressure from billionaire investor Mario Gabelli, the piece reports.
“Gabelli, the largest shareholder in Fisher with a 28.63 percent stake, has been pushing the company to undertake a leveraged restructuring and had said in December that he was evaluating options to submit director nominations,” Reuters reports. “The company said it had not made a decision to ‘pursue any specific strategic transaction’ and had not set a timetable for the review process.”
The company said it has retained Moelis & Company as a financial adviser, the piece notes, adding that Fisher has a market value of about $252.8 million. Fisher is delaying its annual shareholders meeting until June 9 while it completes its strategic review.
Among the stations Fisher owns are KOMO-TV in Seattle, KATU-TV in Portland, Ore., KLEW-TV in Spokane, Wash., KBOI-TV in Boise, Idaho, and KBAK-TV in Bakersfield, Calif.