Sinclair stock soars after news of Fisher deal
Seattle Times business staff
Wall Street likes Sinclair Broadcasting’s $373 million purchase of Seattle-based Fisher Communications enough to push its market capitalization up by $467 million.
Following the Thursday premarket announcement, Sinclar shares rose 28 percent or $5.77 over two sessions to close at $26.70 Friday. That gave the Maryland operator of TV stations a market cap of $2.2 billion.
Fisher shares, which closed at $38.92 before the deal was disclosed, ended Thursday at $41.09 and were little changed Friday.