Fisher buys hyperlocal company Pegasus News

Cory Bergman July 17th, 2007

Fisher Communications here in Seattle just announced it acquired Pegasus News for an undisclosed amount. PegasusNews.com is a hyperlocal news and entertainment site that has a large following in the Dallas area. “Fisher team came to us independently with a vision for local online news that happened to look a lot like us,” blogs founder and president Mike Orren. “So when we met, there was an instant rapport, understanding and respect. They understood (among many other things) the funny pictures, the conversational voice and the obsession with all things local, both grand and mundane.” Fisher said it plans to take Pegasus’ news, information and advertising model to additional U.S. markets in the coming year. (Full disclosure: I work for KING5.com in Seattle, which is a competitor of Fisher.) Press release after the screen grab…

Update: Terry Heaton (who’s quoted in the press release below) calls it “the smartest move to date by any local media company.” He continues, “Here’s what’s so incredibly visionary about this deal: not only will Fisher likely use the Pegasus platform to enhance its online offerings in the markets it currently serves, including Seattle and Portland, but they will also be able to build franchises in any market they choose. Pegasus currently serves the Dallas market, so Fisher has now opened shop another major market. This is smart and a profound statement of clarity as regards the ability of anybody to create any form of media anywhere these days.”

SEATTLE–(BUSINESS WIRE)–As part of its initiative to develop new online-only content for its key local markets, Fisher Communications, Inc. (NASDAQ:FSCI - News) 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.

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(TM), 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: info@thedailyyou.com.

“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.