Sinclair Broadcast Group Inc. said Thursday it has agreed to buy Fisher Communications Inc., including KIMA and KEPR in Yakima and the Tri-Cities, for about $361 million, expanding its coverage westward.
Fisher 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 TV stations in 69 markets.
Fisher stations include KOMO in Seattle, 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.
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 deal requires approval from regulators and Fisher shareholders, but is expected to close in the third quarter.
Sinclair said it expects to finance the acquisition with cash on hand, a bank loan or by accessing the capital markets.