Fisher Communications Expands Online Local News Strategy with Acquisition of Pegasus News
Neighborhood Content Site Opens New Opportunities for Reinforcing Fisher’s Commitment to Local News
SEATTLE--(BUSINESS WIRE)--As part of its initiative to develop new online-only content for its key local markets, Fisher Communications, Inc. (NASDAQ:FSCI) announced today that it has acquired online start-up and hyper-local media pioneer Pegasus News, which specializes in providing personalized local news, information, and advertising. The acquisition underscores Fisher’s commitment to expand its Internet presence by offering a deeper, richer, more highly localized online experience for its audiences. Fisher plans to take Pegasus’s news, information and advertising model to additional U.S. markets in the coming year.
“This move by Fisher Communications is one of the smartest things any local media company has done since the disruption of Media 2.0 began”
Financial terms were not disclosed.
“Our acquisition of Pegasus News exemplifies Fisher’s mission to connect people with their local communities,” said Colleen Brown, president and CEO of Fisher Communications. “While the Internet has made the world accessible at the click of a mouse, it’s still often a challenge to find out what’s happening around the corner. Pegasus News has done an outstanding job of creating timely, hyper-local content that is helpful and meaningful to its users and advertisers. We are excited about bringing the Pegasus team to Fisher and see great opportunities in extending this kind of rich local content offering across the communities we serve.”
Based in Dallas, Pegasus News launched its Web site at http://www.pegasusnews.com in 2006 with a small editorial team and key content partnerships focused on providing the latest, most relevant news and information about the Dallas/Fort Worth metropolitan scene. It delivers easily accessible local information that simply could not be found anywhere else on the Web, including time-sensitive information on area garage sales, daily specials, local sports, and more.
In 2007, Pegasus News rolled out an innovative feature called The Daily You™, an automatically personalized news service for registered users that, unlike other news services, doesn’t require users to go through the hassle of setting up a profile first. The proprietary technology behind The Daily You generates individualized news based on what users actually search for, click on, and read. For more information about how to partner with Fisher Communications to bring The Daily You to your city, please contact: firstname.lastname@example.org.
“This move by Fisher Communications is one of the smartest things any local media company has done since the disruption of Media 2.0 began,” said Terry Heaton, senior vice president, Media 2.0, for Audience Research & Development. “By acquiring Pegasus News, Fisher not only helps itself develop powerful Web verticals in its own markets, but it also now has the ability to create revenue plays in virtually any market in the country. Moreover, Mike Orren (president of Pegasus News) and the hyper-local ‘secret sauce’ he and his partners have developed in Dallas will help move Fisher into the direct marketing world of the Web, and that will be huge downstream. Smart. Smart. Smart. In one move, Fisher has put itself at the top of my list of forward-thinking media companies in the U.S.”
“With the Fisher deal, Pegasus News enters the next stage of growth,” said Mike Orren, president of Pegasus News. “We have been doggedly committed to delivering local news and advertising of unparalleled relevance to our community, and we’re excited to have found a partner who understands the importance and value of local and niche information. We look forward to accelerating our growth and to reaching more cities, towns and neighborhoods over the coming year.”
Pegasus News will continue to operate from Dallas, Texas.
About Fisher Communications
Fisher Communications, Inc. is a Seattle-based communications company that owns and manages 19 television stations and eight radio stations in the Pacific Northwest. The Company owns and operates Fisher Pathways, a satellite and fiber transmission provider, and Fisher Plaza, a media, telecommunications, and data center facility located near downtown Seattle. More information about Fisher Communications can be found at www.fsci.com.
About Pegasus News
Pegasus News (http://www.pegasusnews.com) is a multimedia local news service providing the depth of neighborhood and niche news with the breadth of a daily newspaper. News and data comes from a wealth of sources including reporting by professional staff journalists; aggregation from local sites; content partnerships with local newspapers, broadcasters and bloggers; and user submissions.
This release contains forward-looking statements relating to Fisher Communications’ acquisition of Pegasus News that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could affect Fisher Communications’ actual results include Fisher’s ability to integrate the acquisition of Pegasus News, the future performance of Pegasus News and the rate of adoption of online local services. A more detailed description of certain factors that could affect actual results include, but are not limited to, those discussed in Fisher Communications’ most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q as filed from time to time with the Securities and Exchange Commission (“SEC”). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Fisher Communications undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.