Sinclair Offers to Buy Scripps
Sinclair has made an offer to buy E.W. Scripps in a deal that it said could proceed under existing broadcast-ownership rules, according to an SEC filing Monday. “We are confident that under existing rules, including the national cap, the transaction…
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can be completed in a timely manner with limited select divestitures,” said the filing. Sinclair would pay $7 per share to Scripps shareholders -- $2.72 in cash and $4.28 in combined company common stock. Under the terms of the deal, Sinclair would also separate its broadcast business from its other endeavors and merge it with Scripps. The company’s board would include representation from both the Scripps family and the Smith family, which owns Sinclair. The new company would also “propose adopting jointly developed editorial standards” and appoint an independent ombudsman selected by both families to oversee adherence to them, the filing said. Sinclair has asked for a response from Scripps by Dec. 5. Scripps didn’t immediately comment.