Fisher auction fizzles out.

Byline: Peter Lauria

Unable to reel in a rich enough offer, Fisher Communications Inc. decided to pursue a strategic restructuring and will keep its stable of 10 television and 28 radio stations -- for now.

According to several sources, Fisher's broadcast properties, in Washington, Oregon and Montana, are expected to be back on the block by year's end. Derailing the auction this time, the same sources said, was a confluence of poor timing, unrealistic price expectations and a still-recovering Northwest advertising market.

"The whole auction process was a mistake," one source said. "Media valuations are very depressed, deregulation [of ownership …