The local owners of KOMO TV-Radio (KING FM managed)and other broadcasting properties announced today that Fisher through it's board "has decided to explore and evaluate potential strategic alternatives intended to enhance shareholder value, which could result in, among other things, a possible sale of the company."
According to reports in the Puget Sound Biz Journal " "In early Thursday trading, shares in Fisher (NASDAQ: FSCI) were up more than 16 percent, rising $4.58 to $33.07."
That giant sucking sound from Hedge Fund Plaza
"The company has not made a decision to pursue any specific strategic transaction or any other strategic alternative, and there is no set timetable for the strategic review process," Fisher said in a statement.
Reuters was more specific that Fisher shares jumped as much as 20 percent to $34.25, valuing the company at $304 million, under pressure from billionaire investor Mario "Gordon Gecko"Gabelli, said it is exploring strategic alternatives, including a sale.
Gabelli, the largest shareholder in the company with a 28.63 percent stake, said however that he still preferred a leveraged restructuring to an outright sale.
"I'd have done a leveraged restructuring because that is the culture of 1980s. That is what Multimedia (Inc) did and that was a very good way to make money for the shareholders," Gabelli told Reuters. Which is Wall Street Speak for 'lunch is for wimps'.
Sun-tzu: If your enemy is superior, evade him. If angry, irritate him. If equally matched, fight, and if not, get Bonneville on the phone.
Gabelli suggested in a letter to Fisher in April last year that they implement a leveraged restructuring similar to the one executed by Multimedia Inc Chief Executive Wilson Wearn in 1985. (link.reuters.com/myn25t)
Gabelli calling the Fisher suits "pal" when in Seattle