Fisher Mum On Sale Of KOMO
SEATTLE (AP) — Fisher Communications Inc. says that its board has decided to look at potential strategic alternatives designed to boost shareholder value including the possible sale of the regional TV and radio station company.
Its shares jumped more than 16 percent in premarket trading Thursday.
The Seattle-based company said it hasn’t made a decision to pursue any specific move and there is no set timetable for the review process.
The company said it has hired Moelis & Co. as its financial advisor and White & Case LLP and Perkins Coie LLP as its legal counsel.
As a result of the review, Fisher said it will delay its 2013 annual meeting of shareholders until at least June 9.
Fisher Communications owns and operates 20 television stations and owns or manages four radio stations in the Western United States. It also owns and operates an online business and Fisher Pathways, a satellite and fiber transmission provider
Its shares jumped $4.63, or 16.3 percent, to $33.12 in premarket trading. It shares are up from a 52-week low of $22.76 in late November. They peaked over the past year at $37.44 in late August.
Copyright 2013 The Associated Press.