Overview
- E. W. Scripps said its board unanimously rejected Sinclair’s unsolicited bid on Dec. 16 after a review with advisors Morgan Stanley and Weil Gotshal.
- Sinclair’s Nov. 24 proposal offered $7 per share in cash and stock and followed its accumulation of about a 9.9% stake in Scripps.
- Scripps kept its shareholder rights plan in force for roughly 50 more weeks and stated it remains open to evaluating alternatives that enhance shareholder value.
- The combination would test the FCC’s 39% national reach cap, though Sinclair asserted the deal could close with limited divestitures and projected $325 million in annual cost synergies and a $2.9 billion combined market capitalization.
- Sinclair operates or services about 178–185 stations versus more than 60 for Scripps, which also holds national and local sports rights including WNBA and NWSL packages that could be influenced by future ownership outcomes.