NEW YORK (AP) — Sinclair has submitted a bid to buy out E.W. Scripps for $7 per share, in a deal that could bring further consolidation across America’s local TV news landscape. The proposal, disclosed Monday, involves acquiring all of Scripps’ outstanding shares. Sinclair already owns nearly 10% of Scripps’ class A common stock. If approved, Scripps’ shareholders would receive a 12.7% stake in the combined company. Sinclair seeks a response by Dec. 5. Scripps acknowledged the unsolicited proposal and said it would review it. Sinclair argues the merger would strengthen its local journalism offerings. Still, critics warn of growing news homogenization.
Broadcast giant Sinclair makes bid to buy out EW Scripps for $7 per share
