Sinclair Broadcast Group Inc. (Nasdaq: SBGI) is set to merge with Fisher Communications Inc. (Nasdaq: FSCI) for $373.3 million, concluding an auction that lasted roughly three months.
The price tag represents a 44 percent premium to the closing price of Fisher common stock on Jan. 9, the final trading day prior to Fisher's announcement that it would review strategic alternatives and explore a possible sale. The company currently owns 20 television stations across eight markets and reaches almost 4 percent of the U.S. It also owns three radio stations in its Seattle home market. The stations, located throughout the northwest, include KOMO-KUNS Seattle, KATU-KUNP Portland, Ore. and KBOI-KYUU Boise, Idaho. The deal is subject to Federal Communications Commission approval and expected to close in the third quarter.