Sinclair Broadcast to acquire Fisher Communications for $373.3 million

Sinclair Broadcast Group Inc, the largest independent television broadcasting company in the US, yesterday agreed to buy integrated media company Fisher Communications Inc, in a $373.3 million deal.

Sinclair will pay Fisher shareholders $41 in cash for each share, representing a 44 per cent premium to Fisher's closing price on 9 January, a day prior to Fisher's announcement of exploring alternatives.

Founded in 1910, Seattle, Washington-based Fisher owns 20 television stations in eight markets reaching 3.9 per cent of US TV households, and three radio stations.

They include KOMO in Seattle, KIMA and KEPR in Yakima and the Tri-Cities, KATU in Portland, KVAL in Eugene, KBOI in Boise and three Fisher radio stations in Seattle, including KOMO.

Fisher also owns and operates Fisher Interactive Network, its online division, and Fisher Pathways, a satellite and fiber transmission provider.

''We are excited to acquire Fisher and expand our coverage westward, especially in the two key markets of Seattle and Portland,'' said David Smith, president and CEO of Sinclair. ''We look forward to expanding upon those traditions and improving the cash flow of the stations through the benefits that come with our scale.''

Based in Maryland, Sinclair owns and operates, programmes or provides sales services to 112 television stations in 61 markets.

The Nasdaq-listed company's television group reaches approximately 29.8 per cent of US television households and includes FOX, ABC, MyTV, CW, CBS, NBC, MTN and Azteca affiliates.

It also owns the Ring of Honor professional wrestling promotion, which is considered to be the third most prominent national wrestling company behind WWE and Total Nonstop Action Wrestling (TNA).

Post acquisition, Sinclair will own or operate 134 television stations in 69 markets reaching about 34 per cent of US TV households.