Fisher Communications Announces Agreement to Sell Its Great Falls, Montana Radio Stations
June 15 2011 - 9:00AM
Marketwired
Fisher Communications, Inc. (NASDAQ: FSCI), a leader in local media
innovation, announced today that it has entered into a definitive
agreement to sell its six Great Falls, Montana radio stations to
STARadio Corp., which is based in Quincy, Illinois. The financial
terms of the transaction were not disclosed.
"The acquisition of these stations by STARadio will complete the
disposition of Fisher's small market radio group, which started in
2006," stated Colleen B. Brown, President & CEO of Fisher
Communications. "We are thrilled that STARadio will acquire these
properties and feel that STARadio is a great fit for our Fisher
team members in that market."
Howard Doss, President of STARadio, added, "We are pleased to be
returning to Great Falls after owning stations from 1988 through
2001 in the market and look forward to working with the business
community."
Between October 2006 and June 2007, Fisher sold 19 of its 24
small-market radio stations located in Montana and Eastern
Washington to Cherry Creek Radio, but was unable to include the
remaining Great Falls radio stations in the sale due to regulatory
restrictions.
Fisher has entered into a Time Brokerage Agreement effective
June 1, 2011 until the closing of the transaction, anticipated to
occur in September, 2011.
About Fisher Communications Fisher
Communications (FSCI) is an innovative local media company with
television, radio, internet and mobile operations throughout the
western United States. Fisher operates 20 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 produces more than 125 local and hyper-local websites
and delivers comprehensive multiplatform advertising solutions to
local businesses. The Company is headquartered at Fisher Plaza, a
300,000 square foot media, telecommunications and data center
facility in Seattle, WA. More information about Fisher
Communications, Inc. is available at 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.
Media Contact: Fisher Communications: Robert Dunlop (206)
404-3065
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