Sinclair Jumps After Agreeing to Buy Fisher Communications
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Sinclair Broadcast Group Inc. shares rose 8.5 percent after the company agreed to buy Fisher Communications Inc., continuing a TV-station acquisition spree that’s designed to boost cash flow and capture key markets.
The shares climbed to $23.69 at the close in New York, marking the second straight day of 6 percent-plus gains. Shares of the Hunt Valley, Maryland-based company, which operates local TV stations, have climbed 87 percent this year.