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Fisher Communications offers a 27% Special Dividend

Fisher Communications Inc. (NASDAQ: FSCI) initiated a regular quarterly dividend and declared a special $10 cash dividend as the local-media company looks to boost its value to shareholders.

The company said it plans to launch a quarterly dividend of 15 cents, beginning in the fourth quarter. The payout will cost roughly $5.33 million a year.

Fisher intends to fund the special dividend, which will total about $89 million, with existing cash and investments.

Fisher reported earlier this month its second-quarter profit increased 18% as revenue rose 4.8%.

Based on the current stock price, the special dividend will be a 27% dividend yield.  Fisher has a fair value estimate of $45.

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