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 and KBOI-KYUU Boise.

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