Sinclair Bids for Rival TV Broadcaster Scripps at $7 a Share
The Sinclair Broadcast Group, Inc. headquarters in Cockeysville, Maryland.
Photographer: Kevin Dietsch/Getty ImagesSinclair Inc., one of the largest US TV broadcasters, offered to acquire competitor E.W. Scripps Co. for $7 a share in cash and stock, marking another proposed consolidation of station owners.
The offer, announced in a regulatory filing Monday, consists of $2.72 a share in cash and $4.28 in stock. The price represents a 70% premium over Scripps’ Nov. 21 closing price of $4.12.