Shares of Sinclair Broadcast Group Surge 17 Percent

The company, which is purchasing Fisher Communications, also enjoyed a large run-up on Thursday.

Shares of Sinclair Broadcast Group soared 17 percent on Friday, a day after they rose 9 percent, the catalyst being an announcement on Thursday that it has agreed to purchase Fisher Communications for a 5 percent premium over its stock price.

Sinclair, which owns, operates or services 86 TV stations in 46 markets, said Thursday it will pay $373 million for Fisher, or $41 a share, whereas Fisher's stock closed Wednesday at $38.92, a seemingly small premium, though Fisher stock is up about 75 percent in five months.

Fisher owns and operates 20 TV stations largely in the Pacific Northwest, is partial owner of another, and owns three radio stations in Seattle. It also operates a slew of websites.

Sinclair intends on using cash on hand and debt to finance the purchase, and it also might raise funds from capital markets.

Shares of Sinclair rose $3.91 on Friday to $27.60. On Thursday, they were up $1.86 to $23.69.