UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. 3)*

Fisher Communications, Inc.

(Name of Issuer)

Common Stock — Par Value $1.25

(Title of Class of Securities)

337756 20 9

(CUSIP Number)

David F. McShea
Perkins Coie LLP
1201 Third Avenue Suite 4800
Seattle, WA 98101
(206) 359-3584

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

December 31, 2007

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

o     Rule 13d-1(b)

o     Rule 13d-1(c)

þ     Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 337756 2 09 

1	NAMES OF REPORTING PERSONS: Donald G. Graham, III
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):
	(a)   o
	(b)   o
3	SEC USE ONLY:
4	CITIZENSHIP OR PLACE OF ORGANIZATION:
	United States of America
		5	SOLE VOTING POWER:
NUMBER OF			15,053
SHARES		6	SHARED VOTING POWER:
BENEFICIALLY
OWNED BY			0
EACH		7	SOLE DISPOSITIVE POWER:
REPORTING
PERSON			15,053
WITH:		8	SHARED DISPOSITIVE POWER:
			436,731
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
	451,784
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
	o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):
	5.2%
12	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):
	IN

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Item 1.
(a)	Name of issuer:
	Fisher Communications, Inc.
(b)	Address of issuer’s principal executive offices:
	100 Fourth Avenue N., Suite 510, Seattle, WA 98109
Item 2.
(a)	Name of person filing:
	Donald G. Graham, III
(b)	Address of principal business office or, if none, residence:
	6410 NE Windermere Rd., Unit B, Seattle, WA 98105
(c)	Citizenship:
	United States of America
(d)	Title of class of securities:
	Common Stock, $1.25 par value
(e)	CUSIP No:
	337756 20 9
Item 3.	If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	o Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
(b)	o Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c)	o Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).
(d)	o Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8).
(e)	o An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);
(f)	o An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);
(g)	o A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	o A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	o A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	o Group, in accordance with §240.13d-1(b)(1)(ii)(J).
Item 4.	Ownership
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
(a)	Amount beneficially owned: 451,784*
(b)	Percent of class: 5.2%

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(c) Number of shares as to which the person has:

(i)	Sole power to vote or to direct the vote: 15,053
(ii)	Shared power to vote or to direct the vote: 0
(iii)	Sole power to dispose or to direct the disposition of: 15,053
(iv)	Shared power to dispose or to direct the disposition of: 436,731

*    Mr. Donald G. Graham, III owns 15,053 shares. In addition, he shares investment power as to 436,731 shares owned by the O.D. Fisher Investment Company.

Item 5. Ownership of 5 Percent or Less of a Class

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following o.

Item 6. Ownership of More than 5 Percent on Behalf of Another Person

Not applicable.

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person

Not applicable.

Item 8. Identification and Classification of Members of the Group

Not applicable.

Item 9. Notice of Dissolution of Group

Not applicable.

Item 10. Certifications

(a) Not applicable.

(b) By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

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SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: February 12, 2008

/s/ Donald G. Graham, III Signature

Donald G. Graham, III Name/Title

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