SEATTLE -- Sinclair Broadcast Group is acquiring Fisher Communications for about $373 million.
The deal was announced Thursday by Sinclair, which is based in Hunt Valley, Md., and Fisher, which is based in Seattle. Fisher announced in January it was considering options for shareholders.
Fisher owns 20 television stations in eight markets reaching 4 percent of U.S. households with TVs. They include KOMO in Seattle, KIMA and KEPR in Yakima and the Tri-Cities, KATU in Portland, KVAL in Eugene, KCBY in Coos Bay, Ore., KPIC in Roseburg, Ore., KBOI in Boise, KLEW in Lewiston, Idaho, and KBAK/KBFX in Bakersfield, Calif. The sale also covers Fisher radio stations in Seattle, including KOMO, KPLZ and KVI.
"We are excited to acquire Fisher and expand our coverage westward," said Sinclair President and CEO David Smith.
Under the terms of the agreement, Fisher shareholders will receive $41.00 in cash for each share of Fisher common stock.
"Sinclair is the largest independent TV broadcaster in the country, and we believe its commitment to the industry along with its greater scale and sizable resources will provide our stations, team members and business partners with new opportunities to flourish," said Colleen Brown, Fisher's President and CEO.
After the acquisition Sinclair will own or operate 134 television stations in 69 markets reaching about 34 percent of U.S. TV households.