A former Portland television news reporter is seeking class action status for a federal lawsuit that accuses the Sinclair Broadcasting Group of failing to pay overtime to news reporters at its Oregon television stations. The stations formerly were owned by Fisher Communications but were acquired by Sinclair in a $373 million deal announced in April. The suit also names Fisher as a defendant.
Local newspapers and broadcasters today are seeking content management systems that are faster and more complex than ever before. And while vendors are constantly developing new products to keep up with evolving demands, the industry is facing contraction. “There are just too many players, and nobody is really big enough to have any control,” says Internet Broadcasting’s Elmer Baldwin. “There are some that just aren’t going to survive.” Part two of a three-part special report. Read part one here
Sinclair Broadcast Group announced Thursday that it has closed on its previously announced acquisition of Fisher Communications Inc. valued at approximately $373.3 million. The deal included 13 full-power and seven low-power TV stations and four radio stations. Under the terms of the agreement, Fisher shareholders received $41 in cash for each share of Fisher common stock they owned. The transaction represented a 44% premium to the closing price of Fisher common stock on Jan. 9, the final trading day prior to Fisher announcing a review of strategic alternatives.
Strong automotive and a 6% incrase in retransmission consent fees to $6.6 million fuel the gain.
Operational and staff changes are under way at the Eugene, Ore., NBC affiliate following the station’s acquisition by Seattle-based Fisher Communications. But details about how many of KMTR’s roughly 50 employees would be affected by the changes, and when, were not available on Monday, as rumors circulated around town about layoffs at the station.
It cites strong growth in automotive, financial services and retail spending along with an 82% increase in retrans revenue to $6.5 million.
An investor who holds shares of Fisher Communications Inc. has filed a lawsuit against directors of Fisher in effort to halt the proposed takeover of Fisher by Sinclair Broadcast Group for $41 per share.The plaintiff alleges that the defendants breached their fiduciary duties by agreeing to sell the company too cheaply via an unfair process to Sinclair.
Under the terms of the agreement, Fisher shareholders will receive $41 in cash for each share of Fisher common stock they own. The transaction represents a 44% premium to the closing price of Fisher common stock on Jan. 9. Fisher owns 20 TV stations in eight markets, reaching 3.9% of U.S. TV households, and three radio stations in the Seattle market.
Sources say Sinclair has beaten out LIN for Fisher’s 13 full-power and seven LPTV stations.
The 4Q gain to $46.7 million is driven by political and an 81% increase in retrans money. Full-year rev climbs 15% to $147.3 million.