Gamco-led investors report 20.27% interest in Fisher Communications

By Lisa Kerner

Charlotte, N.C., July 31 - Investors led by Gamco Asset Management Inc. and Gabelli Funds, LLC bought 87,207 shares of Fisher Communications, Inc., according to a schedule 13D filing with the Securities and Exchange Commission.

The shares were acquired between June 20 and July 29 and priced from $31.64 to $35.79 each.

Gamco and its affiliates beneficially own approximately 1.76 million shares, or 20.27%, of the company's outstanding stock.

On June 20, the investors reported a 19.27% stake in Fisher.

It was previously reported that Fisher's board of directors rejected an offer from an unnamed financial sponsor to acquire the company at a price of $43.00 to $45.00 per share in cash.

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.

Seattle-based Fisher Communications owns television and radio stations.

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