Shares of TV broadcasting companies could see some speculative buying after Belo Corp. landed a sweet premium from Gannett in a $1.5B deal. Last week, it was Media General and New Young Broadcasting joining forces. On watch: Lin TV (TVL), Nexstar Broacasting (NXST), Sinclair Broadcast Group (SBGI), Gray Television (GTN), Fisher Communications (FSCI), Entravision Communications (EVC).
Sinclair Broadcast Group (SBGI +6.9%) acquires Fisher Communications (FSCI +0.9%) in a $373.3M deal. Apparently Sinclair wasn't joking when it said in February its previous acquisitions had "put very little stress at all" on its ability to make additional acquisitions. FSCI shareholders will get $41 in cash for their shares.
Up 24% over the past 6 months, Sinclair Broadcast Group (SBGI) says it still has more dry powder: "With all we've acquired, we put very little stress at all on our capability to make additional acquisitions. We're virtually in as good shape today as we go into '13 as regards to our buying power as we were a year ago." (Key competitors: SSP, FSCI, TVL)
Shares of Fisher Communications (FSCI) move up 11.5% in premarket trading after the company announces it will explore a sale. Due to the decision, Fisher's annual meeting will be delayed until at least June.
Fisher Communications (FSCI) declares special dividend of $10.00/share. For shareholders of record Sep 28. Payable Oct 19. Ex-div date Sep 26. The special dividend will be funded from the existing cash and short and long-term investments. The Company has approved a dividend policy and intends to pay a quarterly cash dividend of $0.15/share starting in 4QFY12.