Sinclair Broadcast Group is in active talks to acquire smaller rival The E.W. Scripps Company after taking an 8.2% stake in the broadcaster, according to a U.S. Securities and Exchange Commission filing disclosed Monday.
The stake, acquired on the open market for approximately $15.6 million, gives Sinclair significant influence as the companies negotiate a potential merger that could create one of the largest local TV station owners in the U.S. Sinclair has proposed a stock-for-stock deal that would value Scripps shares at roughly three times their recent average price and generate more than $300 million in annual cost synergies — without requiring new debt.
Sinclair (NASDAQ: SBGI), which owns or operates about 185 stations reaching 72% of U.S. households, has been in “constructive discussions” with Scripps leadership for months. The company argues the combination is necessary to achieve scale against streaming giants and Big Tech platforms, while preserving local journalism.
Scripps, owner of more than 60 stations plus national networks such as ION, Court TV, Bounce, and Scripps Sports, issued a cautious response, saying it is committed to its standalone strategy but will “take all steps appropriate” to protect shareholders from any opportunistic actions.
A major obstacle remains federal regulation: a combined Sinclair-Scripps would exceed the FCC’s 39% national ownership cap, requiring either divestitures or a rule change — something Sinclair’s leadership has publicly lobbied for and expects could happen by mid-2026.The move intensifies a wave of broadcast consolidation.
Nexstar is awaiting approval for its $6.2 billion purchase of Tegna, while Paramount completed its $8.4 billion merger with Skydance earlier in 2025.
No formal offer has been made public, and Scripps could adopt defensive measures such as a poison pill if talks turn hostile. Negotiations continue with no agreement announced.