BALTIMORE (AP) — Sinclair Broadcast Group Inc. said Thursday that it has agreed to buy Fisher Communications Inc. for about $361 million, expanding its coverage westward.
Fisher had announced in January that it was exploring its strategic alternatives. The Seattle-based company owns 20 TV stations in Washington, Oregon, Idaho and California and three radio stations in the Seattle market.
Sinclair says it owns or has deals to acquire interests in 134 television stations in 69 markets.
Under the terms of the deal, Sinclair will pay $41 per share for Fisher, a 5 percent premium over Fisher's closing share price on Wednesday.
The news sent shares of both companies climbing to multi-year highs in midday trading Thursday.
Based on Fisher's 8.8 million outstanding shares, the deal is worth about $361 million. The companies value the deal at about $373.3 million. They say Fisher has no long-term debt and is expected to have about $20 million to $25 million of working capital when the deal closes.
In addition to its radio and TV stations, Fisher previously reached agreements to provide certain operating services for three TV stations, including two simulcasts, pending regulatory approval.