Overview
- Sinclair said it bought about 6.28 million Scripps Class A shares for roughly $15.6 million, giving it an approximately 8.2% position.
- The filing projects more than $300 million in annual synergies and targets a closing nine to twelve months after a definitive agreement.
- Sinclair proposes no external financing, keeping each company’s existing debt structures and, it says, lowering Scripps’ leverage through synergies.
- Scripps stated its board will assess any value-enhancing proposals and will take steps to protect shareholders from opportunistic actions.
- Scripps shares jumped roughly 18% to 20% after the disclosure as investors weighed the talks and broader local-TV consolidation, including Nexstar’s pending Tegna deal.