Sinclair Broadcast Group and Fisher Communications announced that the two companies have entered into an agreement that has Sinclair acquiring Fisher for about $373.3 million.
“Under the terms of the agreement, Fisher shareholders will receive $41.00 in cash for each share of Fisher common stock they own,” the companies said. “The transaction represents a 44% premium to the closing price of Fisher common stock on January 9, 2013, the final trading day prior to Fisher announcing a review of strategic alternatives.”
The acquisition is subject to approval by the Federal Communications Commission, along with “antitrust clearance, the affirmative vote of two-thirds of Fisher’s outstanding shares and other customary conditions,” the companies said. “The transaction is not conditioned on Sinclair obtaining financing or Fisher achieving or maintaining any financial or operational thresholds or metrics. The transaction is expected to close and fund during the third quarter of 2013, subject to closing conditions.”
Fisher’s flagship station is KOMO-TV, the ABC affiliate in Seattle, and most of its stations are in the Pacific Northwest.