Deal With Investor Lets Fisher Avoid Proxy Battle
March 20, 2009 at 4:30 PM (PT)
FISHER COMMUNICATIONS, INC. reaches an agreement with its largest investor, GAMCO ASSET MANAGEMENT INC., under which PAUL A. BIBLE and DAVID LORBER will join incumbent DEBORAH L. BEVIER as FISHER's nominees for its board of directors at the APRIL 28th shareholders' annual meeting. The move heads off GAMCO's notice of intent to nominate its own slate of three director candidates and vote all of its shares (about 20% of FISHER's outstanding shares) for that group.
"We are pleased to have reached this agreement with our largest shareholder, GAMCO, which we believe is in the best interests of the Company and our shareholders," said FISHER Pres./CEO COLLEEN B. BROWN. "By avoiding a potentially costly and disruptive proxy contest, we are able to remain 100% focused on executing our strategic plan during this challenging time and improving FISHER's operational and financial performance. We look forward to having the perspectives of Mr. BIBLE and Mr. LORBER as we continue to transform FISHER into a leading regional media company and work to deliver additional value to our shareholders, viewers, listeners and business partners."