Fisher Communications has staved off an insurrection on its board.
The company, which owns 20 stations in 10 western markets, announced the final voting results from its recent shareholders’ meeting and a dissident group of investors, backed by the hedge fund FrontFour Capital, was unable to gain enough seats to be able to impose their will on the future of the company.
In April, Fisher was so concerned about a potential takeover that it issued a press release warning that FrontFour, whose co-founder and portfolio manager David Lorber has a seat on the company’s board, was attempting to gain enough board seats so that it could initiate a quick sale of the 100-year-old company.
At the time, Fisher warned that the FrontFour-led group is only “focused on reaping a significant short-term gain.”
Announcing its new batch of board-members this week, Fisher said, “We remain committed to building long-term value for all of our shareholders.”