There will be no proxy fight. Fisher Communications announced that it has reached an agreement with its largest shareholder, GAMCO Asset Management, the investment funds managed by Mario Gabelli, on nominees for the Fisher board of directors. Two of the three seats up for election this year will be filled with nominees endorsed by Gabelli.
Under the settlement announced Friday, Paul A. Bible and David Lorber will join incumbent director Deborah L. Bevier as Fisher’s board of directors’ nominees for election at the annual shareholders meeting set for April 28th. GAMCO has agreed to withdraw its notice of intent to nominate three board candidates and to vote all the shares that GAMCO and its affiliates own on behalf of their clients, representing approximately 20% of Fisher’s outstanding shares, in support of all three nominees.
“We are pleased to have reached this agreement with our largest shareholder, GAMCO, which we believe is in the best interests of the Company and our shareholders,” said Fisher CEO Colleen Brown. “By avoiding a potentially costly and disruptive proxy contest, we are able to remain 100% focused on executing our strategic plan during this challenging time and improving Fisher’s operational and financial performance. We look forward to having the perspectives of Mr. Bible and Mr. Lorber as we continue to transform Fisher into a leading regional media company and work to deliver additional value to our shareholders, viewers, listeners, and business partners,” she added.