Gamco owns 1.68 million shares of Fisher Communications

By Lisa Kerner

Charlotte, N.C., June 20 - Investors led by Gamco Asset Management Inc. and Gabelli Funds, LLC bought 89,659 shares of Fisher Communications, Inc., according to a schedule 13D filing with the Securities and Exchange Commission.

The shares were acquired between April 23 and June 19 and priced from $29.99 to $35.17 each.

Gamco and its affiliates beneficially own approximately 1.68 million shares, or 19.27%, of the company's outstanding stock.

In April Gamco reiterated its belief that Fisher should allocate cash flow to a share repurchase "as a way to enhance the intrinsic value" of the company's remaining shares "with less risk and more certainty" than the pursuit of acquisitions.

In November, Gamco Investors submitted a proposal for inclusion at Fisher's 2008 annual meeting in order to change the company's bylaws. As previously reported, the proposal would require shareholder approval in order for Fisher to engage in a transaction in which the company would pay more than $25 million.

Seattle-based Fisher Communications owns television and radio stations.

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