Gamco seeks to amend Fisher Communications' bylaws

By Lisa Kerner

Charlotte, N.C., Nov. 26 - Gamco Investors, Inc. submitted a proposal for inclusion at Fisher Communications, Inc.'s 2008 annual meeting.

The proposal calls for company's by-laws be amended to "provide that any decision by the company to engage in a transaction, either through acquisition of assets, stock or otherwise, for consideration paid by the company exceeding $25 million, requires a majority vote of Fisher's shareholders.

Gamco owns 1,333,500 shares or 15.28% of the company's outstanding stock.

In April, Mario Gabelli, affiliated with Gabelli Funds, LLC and Gamco Investors, Inc., sent a letter to Fisher president and chief executive officer Colleen B. Brown suggesting that the company's board focus on monetizing Fisher's Safeco Corp. holdings. Specifically, Gabelli would like to see a material reduction in the shares outstanding and planned to make his position heard at the annual meeting.

Seattle-based Fisher Communications owns television and radio stations.

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