Fisher Announces Sale of Lake Union and Portland Properties

Business Wire,  Sept 13, 2002  

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Business Editors

SEATTLE--(BUSINESS WIRE)--Sept. 13, 2002

Fisher Communications (Nasdaq:FSCI) today announced that it has concluded the sales of its 1232, 1264, 1500, and 1530 Westlake Avenue N. properties located on the southwest side of Lake Union in Seattle.

The two Buyers of record are the MON L.L.C. managed by Martin O. Nelson Jr., and the RWE Family, L.L.C. managed by Robert W. Edwards, Jr. Fisher Properties will continue to manage and market the facilities. After-tax gain on the property is approximately $3.7 million.

Fisher also closed the sale of the Fisher Distribution Center in Portland, Oregon on September 12. The buyer was Chipman Properties. Fisher Mills had used the site in its food distribution business that was sold in 2001. No gain or loss is anticipated, since the property is included in the discontinued operations of the milling businesses.

After tax proceeds from these transactions are expected to be used to reduce debt.

Fisher Communications, Inc. is a Seattle-based communications and media company focused on creating, aggregating, and distributing information and entertainment to a broad range of audiences. Its 12 network-affiliated television stations are located in the Northwest and Southeast, and its 28 radio stations broadcast in Washington, Oregon, and Montana. Other media operations include Fisher Entertainment, a program production business, as well as Fisher Pathways, a satellite and fiber transmission provider, and Fisher Plaza, a digital communications hub located in Seattle.

Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all passages containing verbs such as `aims, anticipates, believes, estimates, expects, hopes, intends, plans, predicts, projects or targets' or nouns corresponding to such verbs. Forward-looking statements also include any other passages that are primarily relevant to expected future events or that can only be fully evaluated by events that will occur in the future. Forward-looking statements in this press release include, without limitation, the statement regarding Fisher Communications' expectation of using the proceeds from the sale of the transactions to reduce debt. Factors that could cause actual results to differ materially from those predicted in our forward-looking statements are set out in the Company's reports filed with the SEC, including its Annual Report on Form 10-K filed on March 27, 2002 and its Quarterly Report on Form 10-Q for the second quarter of 2002, filed on Aug. 14, 2002.

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