Fisher Communications Retains Financial Advisor to Explore Alternatives for Maximizing the Value of Fisher Plaza
March 22 2011 - 5:20PM
Marketwired
Fisher Communications, Inc. (NASDAQ: FSCI), a leader in local media
innovation, today announced that it has retained Moelis &
Company, LLC as its financial advisor to explore alternatives for
maximizing the value of Fisher Plaza, its mixed-use facility
located near downtown Seattle, Washington, which may include a
potential financing or sale transaction. The Company intends to use
the proceeds from any sale or financing transaction to, among other
things, redeem the Company's outstanding 8 5/8% Senior Notes or
repurchase common stock. The Indenture for the Company's Senior
Notes currently allows the redemption of Senior Notes at 102.8750%
of par value and the repurchase of up to approximately $32 million
of common stock. While the Company and its advisors are actively
engaged in the exploration of alternatives for Fisher Plaza, no
definitive timetable for the completion of its analysis has been
set and there can be no assurance that the process will result in
any transaction.
In early 2008, the Company initiated a similar review of
alternatives for Fisher Plaza, but it suspended its marketing
efforts for the Plaza in November 2008 due to rapidly deteriorating
market conditions. The Company does not expect to make further
public comment regarding these matters while its exploration
process continues.
Important Additional Information In
connection with its 2011 Annual Meeting of Stockholders, the
Company has filed with the Securities and Exchange Commission (the
"SEC") a preliminary proxy statement and will file with the SEC a
definitive proxy statement and other documents regarding the 2011
Annual Meeting. The definitive proxy statement and a proxy card
will be mailed to each shareholder of record entitled to vote at
the 2011 Annual Meeting. SHAREHOLDERS ARE URGED TO READ THE
PRELIMINARY PROXY STATEMENT, WHICH IS AVAILABLE NOW, AND THE
DEFINITIVE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS WHEN
THEY BECOME AVAILABLE, BECAUSE THEY CONTAIN IMPORTANT INFORMATION.
Shareholders may obtain a free copy of the preliminary proxy
statement now and will be able to obtain, when available, a free
copy of the definitive proxy statement and other documents relating
to the 2011 Annual Meeting that the Company files with the SEC at
the SEC's website at http://www.sec.gov and at the Company's
website at www.fsci.com, under: Investor Information - SEC
Filings.
The Company and its directors and executive officers may be
deemed to be participants in the solicitation of proxies in
connection with the 2011 Annual Meeting. INFORMATION REGARDING THE
DIRECT AND INDIRECT INTERESTS OF THE DIRECTORS AND EXECUTIVE
OFFICERS IS SET FORTH IN THE COMPANY'S ANNUAL REPORT ON FORM 10-K
FOR ITS FISCAL YEAR ENDED DECEMBER 31, 2010 FILED BY THE COMPANY
WITH THE SEC ON MARCH 8, 2011 AND IN THE COMPANY'S PRELIMINARY
PROXY STATEMENT RELATING TO ITS 2011 ANNUAL MEETING OF SHAREHOLDERS
FILED BY THE COMPANY WITH THE SEC ON MARCH 18, 2011.
About Fisher Communications, Inc.
Fisher Communications (FSCI) is an innovative local media
company with television, radio, internet and mobile operations
throughout the western United States. Fisher operates 13 full power
television stations and 7 low power television stations which
include network affiliations with ABC, CBS, FOX, Univision and CW
that reach 3.5% of U.S. television households, and 10 radio
stations targeting a full range of audience demographics. Fisher
Interactive Network, its online division, produces more than 125
local and hyper-local websites and delivers comprehensive
multiplatform advertising solutions to local businesses. The
Company also owns and operates Fisher Plaza, a 300,000 square foot
media, telecommunications, and data center facility located near
downtown Seattle. The Company is headquartered in Seattle, WA. For
more information about Fisher Communications, Inc., go to
www.fsci.com.
Forward-Looking Statements This news
release includes forward-looking statements. We have based these
forward-looking statements on our current expectations and
projections about future events. Forward-looking statements include
information preceded by, followed by, or that includes the words
"guidance," "believes," "expects," "intends," "anticipates,"
"could," or similar expressions. For these statements, the Company
claims the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995. The forward-looking statements contained in this news
release, concerning, among other things, changes in revenue, cash
flow and operating expenses, involve risks and uncertainties, and
are subject to change based on various important factors, including
the impact of changes in national and regional economies, our
ability to service and refinance our outstanding debt, successful
integration of acquired television stations (including achievement
of synergies and cost reductions), pricing fluctuations in local
and national advertising, future regulatory actions and conditions
in the television stations' operating areas, competition from
others in the broadcast television markets served by the Company,
volatility in programming costs, the effects of governmental
regulation of broadcasting, industry consolidation, technological
developments and major world news events. Unless required by law,
we undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. In light of these risks, uncertainties and
assumptions, the forward-looking events discussed in this news
release might not occur. You should not place undue reliance on
these forward-looking statements, which speak only as of the date
of this release. For more details on factors that could affect
these expectations, please see the risk factors in our Annual
Report on Form 10-K for the year ended December 31, 2010, which we
filed with the SEC on March 8, 2011.
Contacts: Sard Verbinnen & Co Paul Kranhold / Ron Low /
David Isaacs (415) 618-8750
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