Sinclair Pursues Scripps Deal After Buying 8% Stake: Report
Synopsis
According to a Wall Street Journal report, citing people familiar with the matter, both companies have held constructive talks in recent months but have yet to agree to a deal.
Sinclair (SBGI) has reportedly built about 8% stake in E.W. Scripps (SSP) and is actively pursuing a potential acquisition of the local television broadcaster.
According to a Wall Street Journal report, citing people familiar with the matter, both companies have held constructive talks in recent months but have yet to agree to a deal. The report added that later on Monday, Sinclair’s stake will be revealed in a regulatory filing.
The report noted that Sinclair bought up the stake to add pressure on Scripps to strike a deal. According to The Wall Street Journal, Scripps has a market value of approximately $270 million and operates over 60 local TV stations across more than 40 markets.
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