TV station operator Sinclair Broadcast Group Inc said it will purchase Fisher Communications Inc for about $373 million to expand its operations in western United States.The offer values Fisher at $41 per share, a premium of 5 percent to the stock's Wednesday closing price.It is 44 percent above the stock's closing on Jan. 9, a day before Fisher, under pressure from billionaire investor Mario Gabelli, said it was exploring strategic alternatives, including a sale.Gabelli, the largest shareholder in the company with a 26.75 percent stake, had then told Reuters that he preferred a leveraged restructuring to an outright sale.
Fisher Communications, Inc. (Fisher) is an integrated media company. Shares of FSCI remained unchanged at $38.92. In the past year, the shares have traded as low as $22.76 and as high as $39.87. On average, 21400 shares of FSCI exchange hands on a given day and today's volume is recorded at 0.
Sinclair Broadcast Group, Inc. is diversified television broadcasting company. Shares of SBGI traded higher by 2.82% or $0.615/share to $22.44. In the past year, the shares have traded as low as $7.82 and as high as $22.08. On average, 902012 shares of SBGI exchange hands on a given day and today's volume is recorded at 117752.
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