Sinclair Takeover Proposal Rebuffed By E.W. Scripps Board

Core Viewpoint - E.W. Scripps' board of directors unanimously rejected an unsolicited takeover bid from Sinclair Inc., which had proposed to acquire Scripps at $7 per share in cash and stock [1][2]. Company Actions - The board emphasized its commitment to acting in the best interests of all Scripps shareholders, employees, and the communities it serves, stating that the acquisition proposal was not aligned with these interests [2]. - Scripps indicated it would take necessary steps to protect the company and its shareholders from what it deemed opportunistic actions by Sinclair [3]. Industry Context - The rejection of the bid occurs amid a larger trend of consolidation in the local TV industry, with Nexstar Media Group seeking to acquire Tegna for $8.6 billion, which would require regulatory changes to the current federal cap on station ownership [2]. - The local TV sector is facing significant challenges due to declining viewership and advertising revenue, exacerbated by cord-cutting trends and competition from Big Tech streaming platforms [3].