The E.W. Scripps Company board of directors unanimously rejected Sinclair Inc.'s unsolicited takeover proposal on December 16, 2025, determining it was not in the best interests of the company or its shareholders.
The $622 million bid, submitted November 24, offered $7 per share in a mix of cash and stock for shares Sinclair did not already own—after building a 9.9% stake—representing a 200% premium over Scripps' prior 30-day volume-weighted average price. Scripps shareholders would have held about 12.7% of the combined company, valued at $2.9 billion.
Board chair Kim Williams stated the decision followed careful review with advisors Morgan Stanley and Weil, Gotshal & Manges, emphasizing commitment to shareholders, employees, and communities served. The board remains open to other value-enhancing opportunities, including alternative acquisition proposals.
The rejection adds uncertainty amid ongoing consolidation in the U.S. local TV broadcasting industry, facing challenges like declining ad revenue and cord-cutting. A merger would have combined Sinclair's roughly 185 stations with Scripps' 61, likely requiring FCC approval and divestitures due to the 39% national ownership cap.
Sinclair has not publicly responded to the rejection. Scripps shares fell in after-hours trading following the announcement.